ZA Bank Gains SFC Approval for Type 1 Regulated Activity
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According to a local source, ZA Bank, Hong Kong’s largest virtual bank, has become the first digital-only bank to receive approval from the Securities and Futures Commission (SFC) for Type 1 regulated activity.
This approval allows ZA Bank to enter the world of cryptocurrency trading. It comes as Hong Kong tightens its grip on unlicensed exchanges and encourages the development of a regulated crypto ecosystem.
This achievement follows a year of preparations as ZA Bank, a unit of China’s ZhongAn Online P&C Insurance, explored virtual asset-related services. The Bank is now fully capitalizing on Hong Kong’s new crypto regulations that came into effect in June 2023.
ZA Bank made headlines in May of this year when it expressed interest in offering virtual asset-related services once new crypto regulations were implemented.
This foresight and strategic planning paid off, as the SFC approved ZA Bank in September, allowing it to provide cryptocurrency trading services under Hong Kong’s revamped regulatory framework.
ZA Bank, the largest virtual bank in Hong Kong, has obtained SFC approval to allow the company to add virtual asset trading conditions to its Type 1 license. The bank will actively prepare for relevant sandbox tests. https://t.co/aN3EwscqjI
The approval is a significant victory for ZA Bank as a leader in digital banking, not just in Hong Kong but potentially across Asia.
The bank’s CEO, Rockson Hsu, highlighted the importance of this achievement, noting that the approval represents a “game-changing” development in ZA Bank’s
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