Hong Kong virtual bank, ZA Bank, is reportedly offering account services to crypto firms and facilitating crypto-to-fiat exchanges.
ZA Bank, Hong Kong’s biggest virtual bank by assets is reportedly set to provide crypto account services and facilitate crypto-to-fiat exchanges., the bank will act as a settlement bank to allow token deposits at licensed exchanges to be withdrawn in Hong Kong dollars, Chinese yuan, and United States dollars and is also offering account services to crypto firms.
The accounts for local crypto firms follow a trial in a regulatory sandbox that saw approximately 100 firms participate, but ZA Bank’s CEO Ronald Iu noted that clients from mainland China would not be offered the service due to the country’s restrictions.
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