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ZA Bank Launches Sandbox for Regulated Virtual Asset Trading in Hong Kong

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ZA Bank Launches Sandbox for Regulated Virtual Asset Trading in Hong Kong

ZA Bank has launched a sandbox trial for its virtual asset trading service, the Hong Kong-based digital bank said in a Tuesday press release.

Per the announcement, the digital bank aims to provide retail investors with a regulated environment to engage in virtual asset trading through the ZA Bank app.

The initiative comes at a time when interest in cryptocurrency is surging among local investors. A recent survey by the Hong Kong Investment Funds Association (HKIFA) revealed that 75% of retail investors in the region are keen on trading cryptocurrencies.

EXPLORE: 15 Best No KYC Crypto Exchanges for 2024

Pilot Trial Serves As Preparatory Phase For Official Launch

The pilot trial serves as a preparatory phase for the official launch of the virtual asset service. Following its successful completion, ZA Bank plans to roll out the service to its customers, ensuring they can trade digital assets within a strictly regulated framework.

“The wave of favourable policies and good news from the Hong Kong government and the industry during the FinTech Week will inject new momentum into the local fintech ecosystem,” ZA Bank CEO Ronald Iu commented.

“As a pioneer in local financial innovation, ZA Bank looks forward to sharing more positive updates soon, catering to the demand for virtual assets among Hong Kong users and helping to strengthen the city’s status as a leading international financial centre.”

In related news, global financial technology platform Circle has signed a Memorandum of Understanding with Hong Kong Telecommunications (HKT) to explore the development of blockchain-based customer loyalty solutions for merchants.

The two companies aim to develop customer loyalty services backed by blockchain technology to enhance consumers’ discovery and engagement with merchants, Circle said in an official announcement.

The partnership aims to leverage Circle’s expertise in Web3 services alongside HKT’s extensive merchant ecosystem.

EXPLORE: 15 Best Anonymous Bitcoin Wallets with no KYC in 2024

Hong Kong to Approve More Crypto Exchange Licenses

Hong Kong’s Securities and Futures Commission (SFC) is set to grant more digital-asset exchange licenses by the end of 2024 following a five-month review of exchanges operating under provisional permits.

Since June, Hong Kong’s SFC has conducted on-site inspections of these platforms and found several practices that fell short of regulatory expectations.

The inspections revealed that some crypto firms are overly dependent on a limited number of executives for the custody of client assets. This raises concerns about their ability to manage these responsibilities effectively.

However, the regulator said once the exchanges align with SFC’s recommendations, they will receive restricted licenses. To fully lift these restrictions, exchanges must undergo third-party reviews in coordination with the SFC.

This comes as the region has witnessed a series of crypto exchange closures as of late.

These withdrawals have left only a handful of virtual asset trading platforms remaining on the application list, with a total of 13 companies having withdrawn or returned their license applications.

EXPLORE20 New Crypto Coins to Invest in 2024

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