Hong Kong-based ZA Bank plans digital asset retail trading under Hong Kong’s new guidelines.
The bank announced these plans as part of its diversification strategy after the Hong Kong Securities and Futures Commission (SFC) published new guidelines.
ZA Bank Apply for License in Hong Kong
ZA Bank aims to gain regulatory approvals by partnering with locally licensed virtual asset exchanges. After receiving approvals, the bank will offer its customers the opportunity to “trade virtual assets using fiat currency within the ZA Bank App.”
The bank stated that virtual asset trading is part of the bank’s broader strategy and will include trading in US equities in the future.
The SFC has announced the opening of the license application process, with the implementation of new guidelines such as asset custody security requirements, cybersecurity standards, and separation of customer assets. These guidelines will come into effect in June. Many publicly traded virtual asset trading platforms in Hong Kong are no longer regulated by the SFC.
This new licensing procedure announcement has attracted significant attention with 152 comments. A subsidiary of the Chinese state-owned Greenland company has also applied for a virtual asset trading license in Hong Kong.
