ZA Bank Promotes Crypto-to-Fiat Exchange Service
Hong Kong’s largest digital bank, ZA Bank, has announced its goal to be a bridge between crypto assets and fiat currencies. As ZA Bank prepares to offer various services for the rapidly developing crypto sector in Hong Kong, the bank’s biggest goal is to help increase the liquidity of the sector by establishing fiat money channels, which are extremely important for the crypto money market. Making a statement on the subject, Ronald Lu, CEO of ZA Bank, said that they will act as an intermediary in crypto-fiat conversions for licensed crypto exchanges and will work as a clearing bank that provides withdrawals in Hong Kong, Chinese and US currencies after users deposit crypto money on exchanges. told.
In the first phase, ZA Bank will collaborate with HashKey and OSL, two crypto exchanges operating under license in the autonomous region. In this way, the Bank aims to work more easily with both local and international companies. In addition, ZA Bank has clearly stated that it will only work with licensed exchanges. Due to the widespread prohibition of cryptocurrencies, the bank announced that it will not serve Chinese retail customers as well.
Hong Kong is preparing to take its first step towards becoming a major crypto hub in the Asian region by setting its regulatory framework earlier this summer. It is known that these regulations include strict measures such as strict supervision of cryptocurrencies to be listed on exchanges, ensuring that licensed exchanges operate within the scope of insurance. The Hong Kong Securities and Futures Commission also holds the view that DeFi projects should be fully regulated.
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