Hong Kong-based ZA Bank is fully optimistic about the future of Crypto, Web3, and blockchain and confirmed that it will provide direct crypto trading services.
Hong Kong is a special administrative region of China but Hong Kong authorities deny any association or control with the mainland China. Hong Kong has its currency, central bank, & ruling government. In mainland China crypto is fully banned but in Hong Kong crypto trading is fully legal.
Recently ZA Bank, a Hong Kong-based virtual Bank, stated that they are currently providing their banking services to multiple local licensed platforms and also commercial banking services to more than 80 Web3 focussed companies.
Furthermore, the bank confirmed that it will allow customers to trade cryptocurrencies directly from the Bank’s banking app in fiat pair in future.
This statement by ZA Bank confirmed that the Bank decided to enter the crypto business and probably it will bring a good option for crypto Investors to invest in cryptocurrencies because services will be available by the bank directly.
Notebely in Sep of this year, Hong Kong’s central bank issued a warning against all those crypto companies which claim to be a Crypto Bank.
The central bank ordered all such crypto banks (crypto lending platforms) to shut down their crypto services, as no one company is allowed to provide crypto lending/loan services under the current rules.
From the mid of this year, Hong Kong has been a centre of attraction for the crypto companies, as the Hong Kong authorities legalised crypto trading for retail investors and also introduced a clear crypto regulatory policy to regulate the crypto companies under proper rules & laws.
Reportedly many people from mainland China visit Hong Kong to trade crypto assets illegally. Usually, they buy/sell crypto assets directly with the local shops despite high commission fees.
According to Chinese government agencies, many people use Telegram to trade drugs because of the inbuilt crypto wallet feature.
Read also: “Stop The Crypto Ban” petition gains worldwide momentum