Standard Chartered’s virtual bank, Mox Bank, has taken a pioneering step by becoming the first virtual bank to offer spot crypto exchange-traded funds (ETFs) for retail investors in Hong Kong. This initiative aligns with the city’s strategic push to establish itself as an international crypto hub.

Mox Bank, based in Hong Kong, announced its new trading services for spot crypto ETFs, marking a significant milestone. According to a recent survey, nearly one-third of Hong Kong residents are already engaged with cryptocurrencies. Additionally, the bank noted that one in three crypto owners might switch their primary banking services to institutions offering crypto-related products.

Mox Bank will offer a range of crypto ETFs approved under Hong Kong regulations. These include both spot and derivative crypto ETFs listed on Hong Kong and U.S. exchanges. The available assets cover major cryptocurrencies like Bitcoin and Ethereum for spot ETFs, as well as futures for derivative ETFs.

Competitive Trading Fees

To attract customers, Mox Bank will charge a trading fee of 0.12% of the transaction value for both HK-listed and U.S.-listed ETFs. The bank also emphasized that there will be no additional custodian or management fees beyond those already charged by the asset management companies managing the ETFs.

Mox Bank’s Background and Strategy

Launched in September 2020, Mox Bank is a virtual bank backed by Standard Chartered. This latest venture into crypto ETFs highlights Standard Chartered’s commitment to expanding its presence in the cryptocurrency sector. The bank is also exploring other areas; for instance, the Hong Kong Monetary Authority recently announced that Standard Chartered is participating in the stablecoin sandbox, which allows the bank to experiment with issuing digital assets backed by fiat currencies.

“Mox Bank is excited to offer these innovative investment options to our customers, further solidifying our position as a forward-thinking financial institution,”

For more updates on the latest developments in the cryptocurrency world, be sure to explore more news on Global Crypto News.

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