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Hong Kong Virtual Bank to Offer Crypto Conversions and Accounts

Hong Kong's ZA Bank, the largest virtual bank by assets, is set to offer crypto account services and facilitate crypto-to-fiat exchanges. The bank will act as a settlement bank to allow token deposits at licensed exchanges to be withdrawn in Hong Kong dollars, Chinese yuan, and US dollars and also offer account services to crypto firms. However, ZA Bank's CEO noted that clients from mainland China would not be able to access the service due to the country's restrictions. The announcement comes as Hong Kong regulators make an effort to turn the region into a crypto hub, and many from the crypto community believe Hong Kong's approach compared to hostility from US regulators will help it succeed in its efforts. (Cointelegraph)

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