- ZA Bank claims to be Asia’s first bank to offer crypto trading services.
- HashKey Exchange has teamed up to launch the trading service.
ZA Bank, Hong Kong’s largest digital bank, has become the first bank in Asia to offer direct Bitcoin (BTC) and Ethereum (ETH) trading services through its platform. The service has been officially launched on November 25, 2024.
This facilitates users to trade the two major cryptocurrencies using Hong Kong dollars (HKD) and US dollars (USD) for both permanent and non-permanent residents of Hong Kong.
Notably, ZA Bank’s collaboration with HashKey, a cryptocurrency exchange in Hong Kong, ensures that the initiated service is fully compliant with local regulations. The involvement of HashKey guarantees the security and reliability of the platform.
Livio Weng, CEO of HashKey Exchange, said:
“ZA Bank, as the first bank in Asia to offer such service, has demonstrated its strong leadership and a pioneering spirit in fintech integration. Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards.”
Moreover, to access the service, users are advised to open an investment account with ZA Bank and complete a risk assessment process. This ensures that customers are informed about the inherent volatility of cryptocurrency markets before engaging in trades.
Crypto Growth in Hong Kong
According to a recent survey report, the number of global crypto users is expected to reach 560 million by mid-2024. This marks a 30% increase from the previous year. In addition, the global cryptocurrency market capitalization has increased by nearly 90%, surpassing $2.3 trillion.
On the other hand, a survey conducted by the Hong Kong Association of Banks discloses that around 70% of respondents prefer banks to offer virtual asset trading services. It would make buying and selling cryptocurrencies easier, potentially boosting digital asset trading.
Fee Structure for Trading
The new service has initiated a few fees, as an entry fee of $70 or HK $600 is required to begin trading. Additionally, a $1.99 (HK$15) commission fee will apply per transaction. Along with a platform fee of 1.5% of the transaction amount.
However, ZA Bank has mentioned that the commission fee will be abandoned. The platform fee will be reduced to 0.8% of the transaction amount by June 2025, making it more user-friendly.
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Source: https://thenewscrypto.com/hong-kongs-za-bank-opens-crypto-trading-for-retail-investors-in-asia/