The largest virtual bank providing cryptocurrency transfer services
Bank looking like what ZA (Hong Kong’s first and largest virtual bank) co-founded by a Chinese billionaire Or Ou Yapingto facilitate the transfer of cryptocurrency and fiat currencies for participants in the city’s evolving crypto sector, according to the website Bloomberg.
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Where the bank will provide cryptocurrency transfers to fiat currencies, through authorized exchanges, in addition to acting as a settlement bank for customers who deposit cryptocurrencies to trading platforms, and want to withdraw US dollars, Hong Kong dollars or Chinese yuan.
For his part, the CEO of the bank indicated Ronald Iu:
“The most important thing for interested companies, big or small, foreign or local, is that they have a way to make things work.”
It also works as a bank like what ZA With two crypto exchanges currently accredited in Hong Kong, namely Hashkey AndOSLand plans to provide the service to other platforms, as more of these platforms obtain a license to operate in the Special Administrative Region of China.
It is worth noting that Hong Kong had opened up to the field of cryptocurrencies after the Corona epidemic, despite its recent problems, and aims to become a center for cryptocurrencies, in addition to reviving its status as a global financial center.
Despite the crackdown on cryptocurrency activities in China, there are signs that Hong Kong’s entry into the cryptocurrency market is backed by Beijing.
A report in late March revealed that Chinese state-owned banks were ready to service crypto firms in the city, and one of China’s largest insurance companies backed the launch of two crypto-focused funds in early April.
Hong Kong authorities are now revamping the legal framework for cryptocurrency exchanges to allow them to open up to retail investors, and financial regulators in the region are also taking steps to improve access to banking services for crypto firms.
It should be noted here, that Bank ZA It plans to participate in only licensed digital asset exchanges, where checks are in place AML Anti-Money Laundering According to current requirements, without any significant problems during the past months, according to its alternate CEO Devon Sin.
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In addition to the bank also opening online accounts for companies Web3 Startups, and other small and medium enterprises, with access to the bank’s services for more than 100 of these companies.