Hong Kong virtual bank ZA Bank plans to introduce virtual asset (VA) trading services for retail investors that support the Hong Kong government’s vision of developing a vibrant sector and ecosystem for VAs.
The bank’s plan, it says, was formulated in response to the growing demand for virtual assets in the city. And, by partnering with Hong Kong-licensed VA exchanges, it aims to obtain the required regulatory approvals to enable retail investors to trade VAs by using fiat currency within the bank’s app.
This move is part of the bank’s plan to provide a comprehensive suite of financial services. In addition to VA trading, it also plans to introduce US stock trading services in due course. These new offerings, it says, will further strengthen its position as an innovative wealth management platform catering to the evolving needs of its users.
Upon obtaining the necessary regulatory approvals for VA trading services, the Hong Kong-licensed bank says it will work closely with relevant stakeholders to implement appropriate safeguards to ensure the safety and integrity of its services.
These measures will encompass collaborating with trusted third-party providers, implementing advanced security protocols and adhering to strict anti-money laundering and know-your-customer regulations. The bank also plans to educate its users on the risks and benefits associated with VA trading to ensure that customers can make informed decisions.
“VAs hold the potential to become a significant asset class in the future,” says Ronald lu, the bank’s CEO. “By offering VA trading services, our users have the opportunity to stay ahead of the curve under a regulated environment.”