PANews reported on November 25 that according to Ming Pao, digital bank ZA Bank announced that it has become the first bank in Asia to provide cryptocurrency trading services to retail users. Starting today, it will provide the two virtual currencies of Bitcoin and Ethereum for trading in Hong Kong dollars and US dollars on the App.
After Hong Kong residents open an investment account at ZhongAn Bank, they need to complete risk assessment and other processes before they can buy and sell two currencies on the app. The entry fee is US$70 or HK$600, the commission for each transaction is US$1.99 or HK$15, and the platform fee is 1.5% of the transaction amount (the minimum fee for each transaction is US$1.99 or HK$15). The bank will waive commissions and reduce platform fees to 0.8% of the transaction amount by the end of June next year.
In addition, according to Sing Tao Global, ZhongAn Bank's acting CEO Wu Zhonghao revealed that in order to protect the safety of customer assets, the proportion of cryptocurrency assets held by customers will be limited to less than 20% of their total investment assets.
