{"id":95444,"date":"2024-09-30T15:18:09","date_gmt":"2024-09-30T19:18:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=95444"},"modified":"2024-09-30T15:20:50","modified_gmt":"2024-09-30T19:20:50","slug":"za-bank-approved-for-crypto-trading-services-in-hong-kong","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/za-bank-approved-for-crypto-trading-services-in-hong-kong\/","title":{"rendered":"ZA Bank Approved for Crypto Trading Services in Hong Kong\u00a0"},"content":{"rendered":"\n

ZA Bank is Hong Kong's first digital-only bank after gaining a Securities and Futures Commission license<\/a> for Type 1 regulated business.<\/p>\n\n\n\n

\"ZA
ZA Bank Approved for Crypto Trading Services in Hong Kong\u00a0<\/figcaption><\/figure>\n\n\n\n

A ZA Bank representative reportedly told the Hong Kong news portal HKEJ on September 30 that the bank has been permitted by the China Securities Regulatory Commission to amend its Type 1 license to include additional requirements for virtual asset transactions\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. <\/p>\n\n\n\n

This announcement comes after the bank worked for a year to create a regulated cryptocurrency ecosystem and strengthen regulations on unlicensed exchanges after Hong Kong financial regulators tightened their grip. <\/p>\n\n\n\n

The bank intends to launch an investment fund service and follow the cryptocurrency guidelines<\/a> established by the nation's banking authorities. <\/p>\n\n\n\n

Two years after the bank's official launch, CEO of ZA Bank Rockson Hsu said in a press release that the company is still dedicated to changing the banking industry “game changer.” <\/p>\n\n\n\n

He also outlined the bank's intention to introduce a solution for investment funds.\u00a0Hsu said:<\/p>\n\n\n\n

\n

We look forward to further enhancing users' experience with our game-changing investment fund services!”<\/p>\n<\/blockquote>\n\n\n\n

Hong Kong introduced new regulations in 2022, requiring all crypto exchanges<\/a> operating in the city to submit license applications by February 2024.<\/p>\n\n\n\n

More than 24 businesses have since had difficulty obtaining licenses. About 12 applications, including those from Bybit, Huobi HK, and OKX, had been withdrawn by August 2024. <\/p>\n\n\n\n

The SFC advised investors to use licensed platforms in May 2024 exclusively. The nation's laws about cryptocurrencies went into force in June 2023. <\/p>\n\n\n\n

After the Hong Kong Monetary Authority released a list of businesses accepted for its stablecoin sandbox program, ZA Bank started providing banking services <\/a>to stablecoin issuers on July 18, 2024. <\/p>\n\n\n\n

One of the first businesses registered by the HKMA, RD InnoTech, and ZA Bank cooperated for sandbox experiments, according to a news release issued on July 18. ZA Bank added about 10 more stablecoin customers at that point.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

ZA Bank is Hong Kong’s first digital-only bank after gaining a Securities and Futures Commission license for Type 1 regulated business. A ZA Bank representative reportedly told the Hong Kong news portal HKEJ on September 30 that the bank has been permitted by the China Securities Regulatory Commission to amend its Type 1 license to […]<\/p>\n","protected":false},"author":43,"featured_media":95445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1134,22153,14090],"class_list":["post-95444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-hong-kong","tag-trading-services","tag-za-bank"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/croc_1727721010321.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=95444"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/95445"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=95444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=95444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=95444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}