CandleFocus Hong Kong’s ZA Bank becomes first virtual bank to get SFC license
2024-09-30
Author: Content Editor
ZA Bank, a digital-only bank based in Hong Kong, has become the first bank in the city to receive a license from the Securities and Futures Commission for Type 1 regulated activity. The approval allows ZA Bank to add new conditions for virtual asset transactions to its license. The bank plans to operate under crypto regulations, offering investment fund services. Hong Kong introduced new regulations in 2022, and since then, over 24 companies have struggled to obtain licenses. ZA Bank began offering banking services to stablecoin issuers in July 2024, partnering with RD InnoTech and onboarding ten stablecoin clients.
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