Hong Kong ZA Bank plans to introduce virtual asset trading services for retail investors by partnering with local licensed virtual asset exchanges, seeking regulatory approval for retail investors to buy and sell virtual assets using fiat currency through the ZA Bank App.
Earlier reports, Hong Kong's ZA Bank is expanding its services to include transfers of crypto and fiat currencies, as well as providing account services for the digital asset sector. The bank will offer token-to-fiat currency conversions over licensed exchanges, acting as a settlement bank for clients to allow withdrawals in Hong Kong, China and US currencies after they deposit crypto tokens with exchanges.
Launched officially in March 2020, ZA Bank is one of Hong Kong's eight licensed virtual banks and had amassed the most in terms of net assets while remaining unprofitable as of last year.
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Policy and Regulation