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As per regional media sources, the Securities and Futures Commission (SFC) of Hong Kong has given approval to ZA Bank to offer Type 1 regulated activity in the region. The approval will permit the bank to enter the cryptocurrency trading market.&nbsp;
Several firms have filed for registration under the Hong Kong Regulatory Commission to develop a regulated crypto ecosystem in the past few weeks. The SFC has tightened its oversight over the market to prevent frauds and scams and dismantle unregistered firms.&nbsp;&nbsp;
ZA Bank, the largest virtual bank in Hong Kong, has obtained SFC approval to allow the company to add virtual asset trading conditions to its Type 1 license. The bank will actively prepare for relevant sandbox tests.
Za Bank is the subsidiary of ZhongAn Technologies International (ZA), an InsurTech company that allows everyone to have a truly digital insurance experience.&nbsp;
While talking to amedia outlet the spokesperson noted that “the first digital bank in Hong Kong to record a single-month profit, highlight its leading position in the market and the sustainability of the digital banking operating model.” 
The same media outlet reported that JPEX, a known crypto trading platform, was accused of fraud earlier this year; a significant number of investors lost millions in crypto.&nbsp;
Two victims of the losses filed a lawsuit claiming to recover 240,000 Tether or 185,000 from JPEX’s companies registered in Hong Kong and Australia. In the recent hearing, the company was absent from the courtroom.&nbsp; Other Market News Updates&nbsp; 
The most visited and talked cryptocurrency, HAMSTER KOMBAT (HMSTR), lost over 41.27% of its price, reaching $0.005738; however, its trading volume grew 44% in the past 24 hours, reaching $237,607,926 making it 34th most traded in the market.&nbsp;
Over the years, the global usage of cryptocurrency has increased significantly. Arecent report quotes that over 20% of Russia’s residents are engaged in crypto. The report notes, “ Thus, 16% of respondents had never heard of cryptocurrency, and 21% of survey participants said that they had used cryptocurrency.”&nbsp; 
In August 2024, Vladimir Putin, the president of Russia, signed a law legalizing cryptocurrency mining in Russia. However, mining a cryptocurrency requires enormous energy, heavy processes, GPUs, and other difficulties, which, the majority of the time, become the reason for the electricity crisis in any nation.&nbsp;
After his release from jail, Binance’s co-founder and former CEO wrote, “ Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long-term investor who cares about impact, not returns.”&nbsp;
gm, the food taste so good… And what a luxury to be able to have more than one piece of fruit per day!I know some of you may have a lot of questions. I won't have all the answers.Let me chill for a bit. Then figure out the next steps. There are always more opportunities in…
He also expressed gratitude towards his supporters, writing “ I want to thank everyone for your support. It meant a lot to me and kept me strong in the darkest moments.”&nbsp; Crypto Market Price Updates&nbsp; 
In the past 24 hours, the <a href="https://news.todayq.com/taiwan-eases-crypto-investment-rules-for-professional-investors/" target="_blank" rel="noopener noreferrer nofollow">crypto </a>market capitalization declined over 2.25%, reaching $2.25 trillion; at the same time, trading volume was $71.51B, growing 56.07%. The fear and greed index powered by CoinMarketCap was at 56, determining neutrality in the market sentiments.&nbsp;
Doge Killer (LEASH) became the market’s most bleeding memecoin, losing more than 21.22% of its trading price, reaching $282.52, followed by Shiba Inu, Doge, and Pepe.&nbsp;
The intraday gainers’ list is ruled by Bittensor (TAO) trading at $600.1, adding 14%, growing 13% weekly. Until publishing, Bitcoin was trading at $63,602, with an intraday decline of 2.65%.&nbsp;

Hong Kong SFC Greenlights ZA Bank’s Type 1 Regulated Activity

Todayq News

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