With the Hong Kong government's friendly attitude toward the crypto industry, Hong Kong's largest virtual bank "Zhongan Bank" will provide a fiat currency withdrawal channel to the Hong Kong Exchange, planning to become a bridge between exchange users' crypto assets and fiat currencies.
Hong Kong’s first crypto-friendly bank, ZhongAn Bank provides fiat currency withdrawal channels to the exchange
According to a report by Bloomberg, ZhongAn Bank CEO Yao Wensong announced in an interview that it will provide "cryptocurrency exchange for legal tender" services to licensed exchanges in Hong Kong.
"Zhongan Bank will serve as a settlement bank for users, allowing them to withdraw cryptocurrencies in Hong Kong dollars, RMB and US dollars after depositing them on the exchange." Zhongan Bank CEO Yao Wensong said.
Currently, this business model is operating with HashKey and OSL, two licensed cryptocurrency exchanges in Hong Kong. The main customers of these two exchanges are institutional investors. If other exchanges obtain licenses in the future, Zhongan Bank will also Provide the same service.
However, due to Chinese government restrictions, ZhongAn Bank will not provide services to customers from China.
Hong Kong continues to be crypto-industry friendly
Since the Hong Kong government issued a virtual asset policy declaration in October last year, Hong Kong's local encryption industry has developed rapidly. After the new licensing system takes effect on June 1, these licensed Hong Kong exchanges are expected to start providing services to retail investors to obtain Greater market opportunities.
In addition, in addition to Zhongan Bank starting to provide withdrawal services for exchange users, previous reports also pointed out that the Hong Kong branches of Bank of Communications, Bank of China and Shanghai Pudong Development Bank have investigated crypto-related businesses and are cooperating with the influx of crypto companies in Hong Kong. Expand Cooperation.
This article Hong Kong’s first crypto-friendly bank is launched! ZhongAn Bank provides “cryptocurrency to legal currency” service, and three legal currency withdrawals first appeared on Chain News ABMedia.