Hong Kong’s largest virtual bank by assets, ZA Bank, is set to offer account services and crypto-to-fiat exchanges for local crypto firms, according to a Bloomberg report.According to ZA Bank CEO Ronald Iu, the bank will act as a settlement bank, allowing licensed exchanges to withdraw token deposits in Hong Kong dollars, Chinese yuan, and U.S. dollars. However, due to China’s restrictions, clients from mainland China will not be able to access this service.
The move comes at a time when U.S. crypto firms are struggling to find local banking partners and are frequently looking abroad. The announcement follows Hong Kong regulators’ efforts to turn the region into a crypto hub, with Chinese state-owned banks also reportedly offering banking services to crypto firms moving to the city.
