Hong Kong digital bank Zhong An Bank (ZA Bank) recently announced a major decision to allow retail users to directly use fiat currency (HKD and USD) to buy and sell Bitcoin and Ethereum, while not supporting trading of other types of cryptocurrencies for the time being.
Facilitating cryptocurrency trading
Zhong An Bank recently launched cryptocurrency trading services, setting a relatively affordable entry threshold, with a minimum transaction amount of only $70 or HKD 600. For each transaction, Zhong An Bank will charge a commission of $1.99 or HKD 15, and an additional platform fee of 1.5% of the transaction amount. However, to attract users and promote market adoption, Zhong An Bank has implemented a promotional policy until the end of June 2025, during which commissions will be waived, and the platform fee will be reduced to 0.8%.
Zhong An Bank's CEO Wu Zhonghao clearly stated that this service is open to all eligible Hong Kong residents. Customers must hold a valid Hong Kong identity card, proof of address, and contact number, and go through the bank's risk assessment process. To ensure the safety of customers' assets, Zhong An Bank will limit the proportion of cryptocurrency assets held by customers to no more than 20% of their total investment assets.
This innovative service is launched by Zhong An Bank in collaboration with the Hong Kong cryptocurrency exchange HashKey. A representative from Zhong An Bank stated that the cooperation with HashKey aims to ensure the service complies with regulatory standards while bridging the gap between traditional banking and the cryptocurrency market. A representative from HashKey also emphasized the importance of the partnership, stating that they will continue to work with Zhong An Bank to promote the development of the Web3 ecosystem and expand users' financial services.
Interconnection between cryptocurrency accounts and bank accounts
Since the Hong Kong government issued the policy declaration for the development of the virtual asset market in 2022, a series of policy measures have been taken in the cryptocurrency field, and retail cryptocurrency trading was officially opened in August 2023. As of now, three exchanges—OSL, HashKey, and Hong Kong Virtual Asset Exchange (HKVAX)—have obtained licenses from the Securities and Futures Commission (SFC) in October 2020, 2022, and 2024, respectively. The Hong Kong SFC also revealed plans to issue licenses to more cryptocurrency exchanges and digital asset companies operating in Hong Kong by the end of the year.
