Hong Kong’s Largest Virtual Bank To Provide Reserve Bank Services To Stablecoin Issuers

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Hong Kong’s largest virtual bank, ZA Bank, has announced an initiative to provide exclusive reserve bank services for stablecoin issuers. This move aligns with the territory’s new stablecoin licensing regime. This regulatory framework mandates cryptocurrency stablecoin issuers deposit reserve assets in local banks, a significant step toward ensuring greater stability and security within the digital asset market. According to the latest sandbox participant list unveiled by the Hong Kong Monetary Authority, Yuancoin, in collaboration with ZA Bank, is among the first members to participate.