ZA Bank begins offering accounts to small crypto firms in Hong Kong HongKong crypto cryptocurrency
- ZA Bank, Hong Kong’s largest virtual bank by assets, has begun offering cryptocurrency account services for crypto firms and added support for crypto-to-fiat exchanges for the city’s growing digital asset economy.
Ronald Iu, CEO of ZA Bank, told Bloomberg that the business model is already operational at the two licensed crypto exchanges in Hong Kong – HashKey and OSL – and the bank plans to extend the service to additional exchanges as they become licensed. “For the dozen of interested firms, big or small, from abroad and local, top of their concern is to have a path to make things work,” said Iu.
On the heels of a successful trial in a regulatory sandbox that managed to onboard 100 firms, ZA Bank now plans to offer online accounts for all interested local Web3 startups and small-medium enterprises. According to Devon Sin, alternate chief executive of ZA Bank, the bank plans to focus its engagement efforts on licensed exchanges and conducts AML scrutiny against the usual checklists to satisfy regulatory requirements. Thus far, no AML issues have arisen, Sin said.
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