Hong Kong-based ZhongAn Bank is pursuing a strategy to offer trading of virtual assets for retail investors. In this respect, the platform is collaborating with a regional registered platform engaged in the exchange of digital assets. ZA Bank intends to have regulatory authorization from the local authorities.
Hong Kong-based Bank to Let Retail Investors Trade Virtual Assets
The license would permit the platform to let investors sell as well as purchase virtual assets via fiat currency. The respective activities will be enabled with the use of the application of the ZA Bank. Along with the trading of virtual assets, the platform is also endeavouring to begin services for stock trading within the US jurisdiction in the meantime.
The exclusive services will be assistive in strengthening the status of the banking organization in terms of a groundbreaking platform for wealth management that fulfils the requirements of the consumers. Apart from that, will also educate its consumers regarding the risks as well as the characteristics of the trading of virtual assets. This will be done to guarantee that the customers of the platform can make adequate choices with comprehensive information.
On the 5th of this month, the Securities and Futures Commission (SFC) of Hong Kong discussed the guidelines covering Virtual Asset Trading Platform Operators. As per the agency, the respective guidelines denote several requirements and standards for the trading entities that intend to get a license. The respective guidelines are dealing with the secure custody of the digital assets, isolation of the assets associated with the consumers, cyber security, as well as circumventing interest clash.
ZhongAn Bank Also Intends to Partner up with Dependable 3rd Parties for More Services
ZA Bank is considered to be a licensed bank hence it complies with stringent consumer safety as well as regulatory standards. On getting the needed regulatory authorizations for offering services related to virtual assets, the platform will collaborate with diverse stakeholders for the implementation of adequate safeguards. This would guarantee integrity as well as service security.
The measures taken by the platform will take into account operating in collaboration with reliable 3rd-party vendors. The other things involved in this respect include abiding by the stringent know-your-customer (KYC) and anti-money laundering regulations and the implementation of top standards related to security guidelines.
