2023-05-24 09:57:27
Hong Kong Zhongan Bank (ZA Bank) announced today (24th) that it plans to launch virtual asset trading services to retail investors. Retail investors will be able to use legal tender to trade virtual assets in the ZA Bank application; The related risks and benefits of asset transactions, educate users to ensure that users can invest in assets wisely.
(Recap:Focus!Hong Kong virtual asset trading platform, full text of key regulatory information ）
(background supplement:Hong Kong regulation throws out “exchange compliance time limit”! SFC: If you do not obtain a license within one year, you must suspend business ）
according toTechnology media Fintech published today (24th)reportHong Kong Zhongan Bank (ZA Bank) will cooperate with Hong Kong-licensed virtual asset exchanges in accordance with the new Hong Kong license system announced yesterday to enable retail investors to use legal tender within the ZA Bank app to trade virtual assets.
Further reading:Hong Kong Securities Regulatory Commission: 6/1 starts application for “virtual asset trading license”, excluding stable currency trading
ZA Bank: Ensuring the Security of Virtual Asset Transactions and Educating Users to Make Wise Decisions
The report mentioned that after obtaining the necessary regulatory approvals, Hong Kong Zhongan Bank stated that it will work closely with stakeholders to implement appropriate safeguards to ensure the safety and integrity of its services; The bank also plans to educate users on the risks and benefits associated with virtual asset trading to ensure its customers are able to make informed decisions.
ZhongAn Bank stated that it will also launch US stock trading services at an appropriate time in the future to strengthen its wealth management platform; Ronald Lu, CEO of ZhongAn Bank also mentioned:
We are happy to provide our users with investment opportunities brought about by virtual assets.
We believe that virtual assets have the potential to become an important asset class in the future. By providing virtual asset trading services, we will allow users to stay ahead with ZhongAn Bank in a regulated environment.
Hong Kong Securities Regulatory Commission: Operators who comply with the standards are welcome to apply for licenses, and they will be shut down if they do not comply
It is worth mentioning that the media Fintech published another article on today (24th)reportIt was also mentioned in the Hong Kong Securities and Futures Commission (SFC) that after receiving positive feedback on the consultation paper on virtual asset platform operators, it will start to guide virtual asset trading platform operators on June 1, 2023. , and accept applications for licenses.
The guidelines will include safe custody of assets, segregation of customer assets, avoidance of conflicts of interest, network security standards and expected requirements for licensed trading platforms, etc. In addition, the Hong Kong Securities Regulatory Commission also stated that operators of virtual asset trading platforms that abide by the standards are welcome to apply for licenses , if unwilling to comply will shut down the business in Hong Kong.
Regulators will implement a series of measures to protect these investors, including ensuring the applicability of the onboarding process, good governance, and strengthening token due diligence, etc.; in addition, Gigi Leung, chief executive of the China Securities Regulatory Commission, said that providing clear regulatory expectations is the key to promoting responsible development. key, she added:
Hong Kong’s comprehensive virtual asset regulatory framework follows the principle of “same business, same risk, same rules” and aims to provide strong protection for investors and manage key risks, which will make the industry sustainable and support innovation.
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