Hong Kong’s ZA Bank introduces direct crypto trading for retail users

ZA Bank, Hong Kong’s largest digital bank, has launched a new service enabling retail users to trade cryptocurrencies like Bitcoin and Ether directly through its app.

Marking a significant step in integrating traditional banking with digital assets, the service supports transactions in Hong Kong Dollars (HKD) and US Dollars (USD), making ZA Bank the first digital lender in Asia to offer such capabilities.

To use the service, customers must open a ZA Bank account and complete a mandatory risk assessment, ensuring preparedness for the high volatility of cryptocurrency investments. The bank is also offering limited-time incentives, such as zero commission fees for the first three months, and a low minimum trading amount of USD 70 (approximately HKD 600) to encourage participation.

ZA Bank’s goal is to provide a seamless trading experience for retail users, individuals engaging in personal trades, while strengthening its position at the intersection of finance and technology.

“As the only bank in Asia offering funds, US stocks, and virtual asset trading services, ZA Bank aims to support the Web3 ecosystem in alignment with regulatory policies and market needs,” the bank stated.

Hong Kong has been actively fostering its crypto market. Trading and holding cryptocurrencies are legal in the region, though digital assets are not considered equivalent to the Hong Kong Dollar. ZA Bank’s move follows the city’s increasing interest in digital assets, bolstered by regulatory frameworks and investor protection measures introduced earlier this year.

In June, Hong Kong’s Legislative Council established a dedicated subcommittee to draft comprehensive cryptocurrency legislation. The authorities are also conducting audits to ensure compliance among crypto firms and safeguard investors against scams.

ZA Bank’s entry into crypto trading aligns with these developments. The bank has partnered with HashKey Exchange to ensure secure trading, offering “bank-grade security” for virtual asset transactions.

Hong Kong, ranked first in the 2022 Worldwide Crypto Readiness Report by Forex Suggest, has shown a strong interest in legitimising and popularising cryptocurrency trading. A recent survey by the Hong Kong Association of Banks revealed that nearly 70% of respondents believe bank involvement in virtual asset trading could boost accessibility and drive adoption.

Calvin Ng, Alternate Chief Executive of ZA Bank, highlighted the rise of cryptocurrency as an opportunity for diverse asset allocation. By entering the crypto market, ZA Bank is positioned to play a key role in integrating traditional financial services with the digital asset economy.