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Hong Kong’s digital-only ZA Bank has introduced a cryptocurrency trading service, becoming the first bank in Asia to offer retail users the ability to trade Bitcoin and Ethereum directly through its app.
Starting today, ZA Bank customers can trade Bitcoin and Ethereum 24/7 in Hong Kong dollars (HKD) or US dollars without needing to switch platforms. The minimum transaction requirement is set at $70 or HK$600, making the service accessible to a broad range of investors. While commission fees are waived until June 2025, a platform fee of 0.8% will apply during the promotional period. After this, the commission will be $1.99 or HK$15 per transaction, with the platform fee rising to 1.5%, according to an announcement by ZA Bank.
In comparison, online brokers Futu and Tiger, which offer crypto trading in the territory, charge 0.08% and Tiger's 0.05%, with minimum fees applying.
ZA Bank is collaborating with HashKey, one of only three licensed virtual asset trading platforms regulated by the Hong Kong Securities and Futures Commission (SFC). HashKey provides the technological infrastructure, including API trading and block trade services, for the initiative. According to ZA Bank acting CEO Wu Zhonghao, the service is expected to significantly boost the bank’s revenue following its milestone of monthly profitability achieved earlier this year.
The bank sees virtual asset trading as a "must" for its future, said Calvin Ng, ZA Bank’s alternate CEO, The Standard reported.
The launch coincides with a bullish surge in Bitcoin prices, driven by market optimism surrounding Donald Trump’s recent election as U.S. president and his pro-crypto policy signals.
Since declaring its ambition to become a global hub for virtual asset trading in 2022, Hong Kong has granted licenses to three major exchanges: HashKey, OSL, and HKVAX. ZA Bank is currently the only bank in Hong Kong with a license to offer retail crypto trading.
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