Ge Long Hui·2025-05-27 02:27Group 1 - The Hong Kong Legislative Council has passed the Stablecoin Regulation Bill, allowing institutions to apply to become compliant stablecoin issuers by the end of this year, which is expected to benefit ZA Bank's virtual asset business [1] - ZA Bank is the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers, having partnered with Round Coin Innovation Technology, one of the first sandbox participants approved by the Hong Kong Monetary Authority [1][3] - ZA Bank has already provided commercial banking services to over 80 Web3 companies and is a banking partner for local licensed virtual asset trading platforms HashKey and OSL [1] Group 2 - In November 2024, ZA Bank will launch cryptocurrency trading services for retail users in Hong Kong, allowing users to trade popular cryptocurrencies directly through the ZA Bank App with simplified processes [2] - The fee structure includes a commission of USD 1.99/HKD 15 per transaction and a platform fee of 1.5% of the transaction amount, with promotional zero-commission offers for the first three months [2] - The current user base of ZA Bank has exceeded 800,000 [2] Group 3 - ZA Bank is closely connected with digital asset exchanges and stablecoin issuers, with expectations for further collaborations in the future [3] - The Hong Kong Monetary Authority has introduced a sandbox arrangement to facilitate discussions on regulatory requirements for stablecoin issuers, with ZA Bank's associated company included in the first batch of sandbox participants [3] - The company is projected to experience significant net profit growth in 2025, particularly in the first half of the year, with a current PB valuation of 0.74X, suggesting a low-position investment opportunity [3]