Hong Kong’s ZA Bank to Roll Out Virtual Asset Retail Services as New Regulations Approach

Hong Kong’s ZA Bank, a subsidiary of China’s ZhongAn Online P&C Insurance, is preparing to offer virtual asset retail services as new regulations for digital assets approach. Hong Kong implemented a regulatory framework for crypto exchanges last year, requiring all exchanges to apply for licenses by 2024. ZA Bank CEO Ronald Iu Man-chung confirmed that the bank is actively getting ready to launch virtual asset trading services for retail investors. However, specific details will be announced at a later date. This move comes as Hong Kong cracks down on unlicensed virtual asset exchanges and aims to position itself as a crypto hub. The city’s securities watchdog has warned investors to use licensed platforms and has set a deadline for unlicensed exchanges to cease operations by May 31. The regulator will also release a list of approved and rejected applications for virtual asset trading platforms on June 1, 2024. Hong Kong recently approved Asia’s first exchange-traded funds (ETFs) tied to Bitcoin and Ether, signaling a renewed push to regain its status as a major crypto hub.