This development aligns with the city’s regulatory goals and represents a forward-thinking approach to integrating traditional banking with cutting-edge financial technologies.
Hong Kong’s largest virtual bank, ZA Bank, has announced an initiative to provide exclusive reserve bank services for stablecoin issuers. This move aligns with the territory's new stablecoin licensing regime.
This recent regulatory framework mandates cryptocurrency stablecoin issuers deposit reserve assets in local banks, a significant step toward ensuring greater stability and security within the digital asset market.
According to local media, in a statement released today, ZA Bank confirmed its role as the first digital bank in Hong Kong to provide such services, marking a crucial development in the intersection of traditional banking and financial technology innovation.
