Newsletter
CoinSharks
  • Bitcoin
  • Ethereum
  • Altcoins
  • Nasdaq
  • NYSE
  • Regulation
  • Shark School
  • Premium Services
No Result
View All Result
  • Bitcoin
  • Ethereum
  • Altcoins
  • Nasdaq
  • NYSE
  • Regulation
  • Shark School
  • Premium Services
No Result
View All Result
CoinSharks
No Result
View All Result
Home News

ZA Bank to Introduce Digital Asset Retail Trading in Hong Kong Following Updated Guidelines

Max "The Mako" by Max "The Mako"
May 25, 2023
in News, Bitcoin
0
ZA Bank to Introduce Digital Asset Retail Trading in Hong Kong Following Updated Guidelines
390
SHARES
1.8k
VIEWS
Share on FacebookShare on Twitter

ZA Bank, headquartered in Hong Kong, has announced its intention to introduce retail virtual asset trading services in the region. The bank unveiled this plan on May 24, just a day after the Hong Kong Securities and Futures Commission (SFC) revealed that it would commence accepting applications for licenses for retail virtual asset trading platforms.

According to a statement, ZA Bank will collaborate with locally licensed virtual asset exchanges to obtain the necessary regulatory approvals. Once these approvals are secured, the bank’s customers will be able to trade virtual assets using fiat currency through the ZA Bank App.

Related articles

US district judge refers FTX independent examiner issue to appellate court

US district judge refers FTX independent examiner issue to appellate court

May 31, 2023
Class-Action Lawsuit Filed Against Bancor DAO for Alleged Failure to Deliver on Impermanent Loss Protection Promises

U.S. prosecutors state that if the Bahamas raises objections, certain SBF charges will be dropped

May 31, 2023

This move into virtual asset trading aligns with ZA Bank’s broader strategy, which includes future plans for trading in United States stocks.

In conjunction with the application process, the SFC has implemented new guidelines encompassing asset custody safety requirements, cybersecurity standards, and the segregation of client assets, among other aspects. These guidelines will become effective in June. It is worth noting that most virtual asset trading platforms accessible to the public in Hong Kong are currently unregulated by the SFC.

The announcement of the new licensing procedure has garnered significant attention, receiving 152 comments during the consultation period. Additionally, a subsidiary of the Chinese state-owned Greenland company has also applied for a virtual asset trading license in Hong Kong.

ZA Bank, the largest digital bank in Hong Kong and controlled by Chinese internet insurer ZhongAn Online P&C Insurance, expressed its commitment to supporting the government’s vision of fostering a vibrant sector and ecosystem for virtual assets with this new endeavor.

Hong Kong’s progress in the virtual asset space is further exemplified by initiatives like the Hong Kong Monetary Authority’s digital Hong Kong dollar pilot project, in which ZA Bank is an active participant. Moreover, the emergence of tech accelerators and incubators in the region underscores Hong Kong’s growing prominence in the virtual asset ecosystem.

As previously reported in April, ZA Bank was preparing to act as a settlement bank for token withdrawals from licensed exchanges, facilitating transactions in Hong Kong dollars, Chinese yuan, and U.S. dollars.

Share156Tweet98

Related Posts

US district judge refers FTX independent examiner issue to appellate court

US district judge refers FTX independent examiner issue to appellate court

by The Megalodon
May 31, 2023

A motion for the appointment of an independent examiner in the bankruptcy case of crypto exchange FTX has been referred...

Class-Action Lawsuit Filed Against Bancor DAO for Alleged Failure to Deliver on Impermanent Loss Protection Promises

U.S. prosecutors state that if the Bahamas raises objections, certain SBF charges will be dropped

by The Megalodon
May 31, 2023

According to a filing in the U.S. District Court for the Southern District of New York, some of the charges...

Bybit cryptocurrency exchange withdraws from Canada due to ‘recent regulatory changes’

Bybit cryptocurrency exchange withdraws from Canada due to ‘recent regulatory changes’

by The Megalodon
May 31, 2023

Dubai-based cryptocurrency exchange Bybit has revealed its decision to halt operations in Canada due to recent regulatory developments. The exchange...

AI Experts Issue Document Comparing the Risk of ‘Extinction from AI’ to Pandemics and Nuclear War

AI Experts Issue Document Comparing the Risk of ‘Extinction from AI’ to Pandemics and Nuclear War

by The Megalodon
May 31, 2023

An open statement published by the Center for AI Safety (CAIS) has garnered signatures from numerous AI experts, including the...

Competing regulatory bills take center stage in US House stablecoin hearing

US CFTC Releases Letter Addressing Compliance in Three Areas of Digital Asset Derivatives and Clearing

by The Megalodon
May 31, 2023

The United States Commodity Futures Trading Commission (CFTC) has issued a staff advisory letter to registered derivatives clearing organizations (DCOs)...

Load More
  • Premium Services
  • Terms of Service
  • Privacy Policy

All Rights Reserved. CoinSharks.

No Result
View All Result
  • Bitcoin
  • Ethereum
  • Altcoins
  • Nasdaq
  • NYSE
  • Regulation
  • Shark School
  • Premium Services

All Rights Reserved. CoinSharks.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.