Hong Kong’s largest virtual bank, ZA Bank, plans to enter the cryptocurrency market by becoming the bridge between digital assets and fiat currencies. The bank offers transfers and conversions from cryptocurrencies and fiat currencies, as well as account services for Hong Kong’s expanding crypto sector. ZA Bank plans to offer token-to-fiat currency conversions over licensed exchanges and act as a settlement bank for clients to allow withdrawals in Hong Kong, China, and US currencies after they deposit crypto tokens with exchanges. The bank will only engage with licensed exchanges and conduct anti-money laundering procedures to satisfy regulatory requirements. However, it will not offer crypto services to mainland Chinese retail customers due to the regime’s restrictions on crypto trading. Hong Kong aims to become a regional crypto hub by rolling out a regulatory framework in June, but that framework is highly restrictive, and listed tokens need background checks on the issuers and developers.
- Crypto News
- GemHunter
- April 12, 2023
Banks in Hong Kong Testing the Waters of Cryptocurrency
- 1 views
GemHunter
Founder GemHunter.Pro
Tags
Subscribe
Please login to comment
0 Comments
Discover the 3 Altcoins That Will Help Ethereum Dominate Enterprise! When?
Blockchain firm ConsenSys has launched an open-source middleware initiative aimed at enabling secure and private business processes on the Ethereum blockchain. The Baseline Protocol is built with cryptography,...
Could this be the beginning of the end for BlackRock?
BlackRock is the world’s largest asset manager with $8 trillion in assets, and its ESG investment ideology has come under scrutiny due to its impact on individuals and institutions. ESG stands for...
NFL Rivals Web3 Release: What You Need to Know About Mythical Games and CCO Jamie Jackson on Blockchain Interviews
MythicalGames is a company that builds a platform where developers can add blockchains and marketplaces to games. Their goal is to change the fundamental players of owning something and bring blockchain...
Discover the Latest Update on 6 Altcoins Making Waves! 🌊 (Including Solana, Polkadot, and Pepe)
Solana Labs, the core contributors to the Solana blockchain, is launching an AI-based plugin that lets users search the blockchain via OpenAI’s chatbot technology. The chat GPT plugin will let users...
What's going down in the Ripple XRP Telephonic Conference Hearing? (Happening live!)
In a new study, researchers found that a type of whale shark is aggregating in waters off the coast of Tanzania due to improvements in environmental conditions. The scientists also found that tourists...
Experience the Exciting World of STREAMR: Win $DATA Tokens in a Fun and Rewarding Environment! ðŸŸ
Streamer is a decentralized real-time data network that enables users to create, share and consume data streams on an open web 3 protocol. The platform is fast, secure, and monetizable. Users can sell...
Get ready for a major cryptocurrency shift: XRP, BTC, and more await the outcome of a live FOMC meeting!
The content is about a trader who is depositing $5,000 into an account for a live trade on whether or not the Bitcoin price will go up or down. The audience can vote on whether to go long or short, and...
June 2023: What to Expect
The upcoming month of June in the cryptocurrency market could see further bearish trends, following May’s decline. BeInCrypto has outlined predictions for Bitcoin, Ethereum and other popular cryptocurrencies....
Unveiling the Next 100X Tiny Altcoin Gem That's Launching Soon - Are You Ready? 🔥🚀
The content discusses a new cryptocurrency project called Move Z, which claims to have 100x potential. The video breaks down the token system and the fitness-centric platform that allows low barriers to...
Which Crypto Projects Are At Risk of SEC's Crackdown?
The recent SEC lawsuit against Bittrex has raised concerns about which cryptocurrencies are at risk of a crackdown. The SEC argued that six cryptocurrencies listed on Bittrex were unregistered securities,...
Looks great! Here's PepeBNB listed on ListingSpy.net - https://listingspy.net/token/pancakeswap/0x47fd014706081068448b89fc6baca2730977216a
Cool project
Looks great! Here's PepeBNB listed on ListingSpy.net - https://listingspy.net/token/pancakeswap/0x47fd014706081068448b89fc6baca2730977216a
Cool project