A growing number of Hong Kong investors are turning to digital banks over crypto exchanges due to one-stop convenience, a survey reveals.
A new survey from ZA Bank shows that nearly 70% of crypto investors in Hong Kong prefer using digital banks to trade crypto.
ZA Bank said in a press release shared with crypto.news that the top reasons for choosing digital banks are the ability to trade directly with bank deposits and the ease of using just one account. The bank says the results show a change in how people in Hong Kong approach crypto trading.
“As investor interest in virtual assets continues to grow, cryptocurrencies are increasingly viewed as an emerging component of diversified portfolios. Looking ahead, we will continue to expand our one-stop digital investment platform, covering a broad range of asset classes, including crypto, funds, and stocks.”
ZA Bank’s CEO Calvin Ng
ZA Bank said the trend shows how digital banks are becoming a new way for many investors to enter the crypto market. It combines easy-to-use apps with rules that help keep things safe.
The survey also found that nearly 70% of respondents believe the increasing regulatory clarity in the cryptocurrency market will help attract more participants. Many investors also want more features as more than 81% want support for crypto-in-crypto-out transactions “to enhance asset flexibility,” the report said.
Waiting regulatory clarity
In late March, a survey by the Hong Kong University of Science and Technology found that a quarter of Hongkongers plan to hold cryptocurrencies, up 6% from a poll conducted in September 2023. Despite the FTX collapse in November 2022, many respondents still expressed confidence in using regulated exchanges.
The survey found that Hongkongers are significantly more willing to use crypto exchanges if they are regulated, with 20% more respondents saying they would feel safe depositing money into regulated platforms than unregulated ones.
