Hong Kong, which approved spot Bitcoin and Ethereum ETFs after the US, is on its way to becoming the region's cryptocurrency center.
At this point, a new move came from ZA Bank, Hong Kong's largest virtual bank.
Accordingly, ZA Bank has launched a new service that allows retail users to buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using fiat currencies.
According to the statement, Hong Kong residents must have a bank account to benefit from the new service.
Users are also required to undergo a risk assessment before using the new cryptocurrency service linked to the bank's app.
Users can only purchase Bitcoin and Ethereum using fiat currency through ZA Bank and its new service, as no other cryptocurrencies were mentioned in the statement.
“ZA Bank, Hong Kong's first and largest digital bank1 (Asia's first bank), has made another breakthrough by offering cryptocurrency trading services directly to retail users.
Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD (the platform currently only supports trading services for Bitcoin and Ethereum.)
ZA Bank’s Chief Executive Officer, Calvin Ng, said: “The rise of cryptocurrencies offers investors more diversified asset allocation opportunities. As a bank, we prioritize security and compliance, which is why we have partnered with HashKey, a global leading licensed virtual asset exchange, to meet regulatory standards and provide bank-level security for virtual asset trading – our core competitive advantage in the Asian market.”
*This is not investment advice.
