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Hong Kong's ZA Bank has applied to the Hong Kong Securities and Futures Commission (SFC) for a Type 1 (Securities Trading) virtual asset license upgrade, as reported by the Hong Kong Economic Times.
The bank aims to connect to licensed platforms in the future, allowing customers to buy and sell virtual assets within the bank's application. ZA Bank stated that it is currently in the "paper application" stage and has not yet set a specific timeline, but it is actively seeking approval from regulatory authorities.
Earlier, ZA Bank announced that it had become the first settlement bank for HashKey Exchange, Hong Kong's first compliant retail exchange. It began offering fiat deposit and withdrawal services for investors holding ZA Bank accounts.
While ZA Bank users can transfer Hong Kong dollars and US dollars to HashKey Exchange via the ZA Bank App and conduct transactions on the platform, the bank currently does not offer virtual asset retail trading services. It holds a Type 1 regulated activity (securities trading) license issued by the Hong Kong SFC, allowing it to provide fund investment services to users.
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