ZA Bank welcomes passage of Hong Kong stablecoins bill

They are engaged in in-depth discussions with several potential stablecoin issuers.

ZA Bank welcomes the passage of the stablecoins bill by Hong Kong authorities.

In a statement, the Hong Kong-based digital bank said that the new legislation brings “greater clarity and confidence to the stablecoin market” and that it will contribute positively to the long-term development of the industry.

ZA Bank offers reserve banking services for stablecoin issuers, reportedly the first to do so in Hong Kong.

“We are currently engaged in in-depth discussions with several potential stablecoin issuers and stand ready to meet the evolving needs under the new regulatory regime,” ZA Bank said.