ZA Bank, the city’s first digital-only lender, welcomed the passage of the Stablecoin Bill by the Legislative Council, voicing strong support for the Hong Kong Monetary Authority’s (HKMA) efforts to implement a comprehensive regulatory framework for stablecoins.
The legislation is expected to bring legal clarity and investor confidence to the growing stablecoin market, a move that aligns with Hong Kong’s ambitions to become a global hub for regulated digital assets.
ZA Bank, which has positioned itself at the forefront of financial innovation, said it has already begun collaborations under the HKMA’s stablecoin sandbox program, offering reserve banking services to early participants.
The bank said its existing reserve management infrastructure, regulatory compliance, and Web3 ecosystem expertise make it a natural partner for stablecoin issuers navigating the new regime.
“We are actively engaging with potential stablecoin issuers and stand ready to support their evolving needs,” the bank said in a statement, adding that its goal is to provide professional banking services that enable innovation within a compliant framework.
ZA Bank reaffirmed its commitment to supporting the HKMA’s agenda and promoting the stablecoin market’s safe and orderly growth, as it seeks to strengthen its role in digital asset finance and Web3-related financial services.
The move further cements Hong Kong’s drive to institutionalize the crypto sector and bridge the gap between traditional finance and digital innovation.
Business News Asia