Mox Bank Opens Doors to Crypto ETF Trading in Hong Kong
Mox Bank, a Hong Kong-based virtual bank backed by Standard Chartered, expands its investment options to provide crypto exchange-traded funds (ETF) services in the state. With this significant achievement, Mox Bank will become a first-of-its-kind financial firm that offers Bitcoin and Ethereum spot ETF trading in Hong Kong. Mox Bank affirmed that users can conveniently gain exposure to crypto investments and other related products under an authorized investment platform.
Mox Bank to Offer Bitcoin and Ethereum ETFs to Hong Kong Users
On August 7, Mox Bank Limited disclosed the announcement via its official website. Data collected from a survey conducted by Mox revealed that one-third of Hong Kong users have already engaged with cryptocurrencies by some means. Every 1 out of 3 users want to switch their traditional bank with a virtual bank that offers crypto services. Mox expressed that the platform aligns with the demands of its customers by fostering innovative technology in their business.
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🇭🇰HONG KONG:
Standard Chartered’s digital bank Mox adds #Bitcoin ETFs to its trading platform. pic.twitter.com/BFaXxmRonK
— Bitcoin Archive (@BTC_Archive) August 7, 2024
Hong Kong users can enjoy a seamless trading experience of various ETFs listed legally under Hong Kong and U.S. regulatory authorities. Crypto users can trade BTC, ETH spot, and derivative crypto ETFs via Mox Invest.
While commenting on the latest milestone, Barbaros Uygun, CEO of Mox, noted:
As a digital bank with a vision of building a global benchmark from Hong Kong, Mox believes in staying ahead of the competition by being innovative and responsive to changing markets. Adding Crypto ETFs to the Mox Invest platform empowers our customers to gain access to emerging asset classes with confidence.
He continued that this significant achievement will allow users to explore new investment opportunities in the evolving cryptocurrency ecosystem. Mox App will ensure a simple and secure way of investing within a compliant regulatory environment in the state.
Mox Offers Comparatively Low Fees on ETF Trading
Users can utilize multiple options via the Mox Invest account integrated within the Mox App. The platform offers significantly lower fees to HK users: 0.12% of the total transaction value. Also, the minimum trade amount is set at $3.5 for HK-listed ETFs and $5 for US-listed ETFs. Furthermore, the financial firm affirmed that the platform does not charge any management fee or custodian fee except that which a specific ETF management company imposes.
The virtual bank also plans to expand its crypto offerings by allowing users to purchase and trade crypto assets directly with the help of a licensed exchange. However, the firm did not announce the exact schedule of starting crypto trading on the platform.
Hong Kong approved spot crypto ETFs in April 2024. With the approval, Hong Kong’s stock exchange initially listed the ETFs of three huge asset management firms: China Asset Management, Bosera Asset Management, and Harvest Global. Since then, many crypto firms and financial giants have started efforts to introduce and list their ETFs in the state.
Mox Bank, the award-winning Best Digital-only Bank in Hong Kong, started in September 2020 and now offers international banking services to retail investors. By embracing digital assets, the firm unlocks endless possibilities for growth and innovation in the economic sector.
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Naveed Iqbal
Naveed is a skilled crypto journalist exploring blockchain things for over 6 years now. He enjoys covering breaking stories in crypto and web 3 space. With a deep understanding of digital currencies and sharp analytical mind, Naveed has earned a reputation for delivering well-researched and thought-provoking articles at multiple crypto outlets.
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