Zhongan Bank has applied for a Type 1 license upgrade for virtual assets with the Hong Kong Securities and Futures Commission.

According to a report by the Hong Kong Economic Times on September 7th, ZA Bank has applied to the Hong Kong Securities and Futures Commission for a Type 1 (securities trading) virtual asset upgrade, with the hope of being able to connect to licensed platforms in the future and allow customers to buy and sell virtual assets through its application. ZA Bank stated that it is currently in the "paper application" stage and will actively strive for approval from regulatory authorities, but there is no specific timetable for approval yet.