Key Takeaways
- The bank announced Hong Kong residents with a ZA Bank account can begin trading Bitcoin and Ethereum through its app after completing a risk assessment
- The entry fees are set at $70 or HKD 600, with a transaction commission of $1.99 or HKD 15
ZA Bank, Hong Kong’s largest virtual bank, has launched a service allowing retail users to trade Bitcoin and Ethereum directly using fiat currency. The bank announced that Hong Kong residents with a ZA Bank account can open an investment account and, after completing a risk assessment, begin trading Bitcoin and Ethereum through its app.
The entry fees are set at $70 or HKD 600, with a transaction commission of $1.99 or HKD 15 and a platform fee of 1.5% of the transaction amount. However, the bank has introduced promotional pricing until the end of June 2025, waiving the commission fees and lowering the platform fee to 0.8%.
ZA Bank’s initiative is being offered in collaboration with HashKey Exchange, a cryptocurrency platform licensed by Hong Kong’s Securities and Futures Commission (SFC). Calvin Ng, alternate chief executive of ZA Bank, stated that the service is designed to meet regulatory standards and aims to combine traditional banking with crypto services. Livio Weng, CEO of HashKey Exchange, added that the partnership is focused on enhancing the Web3 ecosystem and providing diversified financial services to users.
The new service is limited to Bitcoin and Ethereum, with no other crypto currently available. Retail crypto trading in Hong Kong only became legal in August 2023, following the introduction of the SFC’s licensing framework. At present, three exchanges—HashKey, OSL, and Hong Kong Virtual Asset Exchange (HKVAX)—hold licenses to operate in the region. The SFC has indicated that additional licenses for exchanges and digital asset firms may be approved by the end of 2024.
ZA Bank, established in 2017 and licensed by the Hong Kong Monetary Authority in 2019, has played a huge part in the city’s digital banking sector. The bank officially launched in 2020 and now serves over 800,000 users. Before introducing retail crypto trading, ZA Bank offered crypto-to-fiat conversion services for businesses dealing with digital assets.
As per the official press release, the bank’s new service utilizes HashKey Pro, an institutional-grade trading platform that offers features such as block trade services, API trading, and advanced account management systems.
