ZA Bank, Hong Kong’s largest virtual bank, has received approval from the Securities and Futures Commission (SFC) for Type 1 regulated activity, allowing it to offer crypto trading services.
ZA Bank Receives Crypto Trading License
ZA Bank has obtained approval from the Securities and Futures Commission (SFC) for Type 1 regulated activity. This allows the bank to offer cryptocurrency trading services to its clients. The license approval enables the bank to expand its financial services and attract more clients to the field of digital asset trading.
Regulatory Changes in Hong Kong
The approval for ZA Bank comes amid Hong Kong's efforts to create a more regulated and secure environment for digital assets. Last year, the city introduced new cryptocurrency regulations aimed at attracting crypto firms and positioning Hong Kong as a global hub for digital assets.
Future Plans of ZA Bank
ZA Bank, a subsidiary of China's ZhongAn Online P&C Insurance, has been working towards obtaining this license over the past year. In May, the bank expressed interest in offering virtual asset services, and by September, the SFC had approved the bank’s license expansion to include cryptocurrency trading. In the future, the bank plans to introduce cryptocurrency trading services and offer investment fund options.
The approval of the SFC license is a significant step for ZA Bank and is aimed at strengthening its position in the digital asset market. By introducing new cryptocurrency trading services, the bank expects to attract more clients and enhance its financial performance.
