Crypto trading and holdings are allowed in Hong Kong.
Hong Kong does not recognise any crypto asset as equivalent to the HKD currency
Photo Credit: Unsplash/ Annie Spratt
Hong Kong's ZA Bank has announced the launch of crypto trading services, enabling retail users to trade assets like Bitcoin directly. Claiming to be Asia's first digital lender to offer such a service, ZA Bank now allows users to buy and sell Bitcoin and Ether through fiat currencies HKD and USD via its app. To access this new feature, users must first open an account with ZA Bank and complete a risk assessment to ensure readiness for engaging with volatile crypto assets.
With this service, ZA Bank aims to simplify crypto access for retail users—individuals trading for personal gains—offering benefits like zero commission for a limited time. On a broader scale, the bank has expressed its ambition to disrupt the traditional finance (TradFi) sector.
“As the only bank in Asia offering funds, US stocks, and virtual asset trading services, ZA Bank is committed to advancing the Web3 ecosystem in alignment with regulatory policies and market demand, while fostering deeper integration between finance and technology. Start trading crypto with as little as USD 70 / HKD 600, offering maximum flexibility. Enjoy zero percent commission for the first three months,” said ZA's announcement of the development.
Trading and holding crypto assets are legal in Hong Kong. However, the region does not recognise any crypto asset as equivalent to the HKD.
Back in 2022 Hong Kong was ranked first on the ‘Worldwide Crypto Readiness Report' by Forex Suggest. The same year, Hong Kong authorities had said they were exploring ways to legalise crypto trading by retail investors, review property rights for tokenised assets, and monitor the legalities of smart contracts.
ZA Bank, licensed by the Hong Kong Monetary Authority in 2019, stated in its post that Hong Kong's ongoing interest in exploring crypto assets led the company to introduce its crypto services.
“A recent survey by the Hong Kong Association of Banks4 reveals that nearly 70 percent of respondents believe that if banks offer virtual asset trading services, it would make buying and selling virtual assets more convenient or could help popularise cryptocurrency trading. The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” the announcement post explained.
As per Calvin Ng, Alternate Chief Executive of ZA Bank, the bank has entered into a partnership with HashKey Exchange to deliver bank-grade security in virtual assets trading.
This year, Hong Kong has accelerated efforts to establish a regulatory framework to oversee the crypto sector. In June, the HKSAR Legislative Council established a new subcommittee focused on drafting comprehensive crypto legislation.
Hong Kong authorities are also auditing the compliance of crypto firms to ensure that investors are safeguarded against scams.
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