Ethereum

Bank

Bitcoin

Standard

Read

Standard Chartered’s virtual bank Mox Bank has become the first virtual bank to offer spot crypto exchange-traded funds for retail investors in Hong Kong.
Hong Kong-based digital bank Mox Bank has started offering trading services with spot crypto <a href="https://crypto.news/tag/etf/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a> as the city keeps pushing on its efforts to become the international crypto hub. In an Aug. 7 <a href="https://mox.com/media/mox-breaks-new-ground-as-first-virtual-bank-in-hong-kong-to-open-crypto-investing-for-customers/" target="_blank" rel="noopener noreferrer nofollow">press release</a>, Mox said it has become the first virtual bank in Hong Kong to provide such investment options for retail traders.
The bank noted that the launch comes at a critical juncture, with a recent survey revealing that nearly one-third of Hong Kong residents have engaged with cryptocurrencies. Additionally, Mox pointed out that one in three crypto owners are likely to switch their primary banking services to institutions offering crypto-related products.
Mox says it will feature a variety of crypto ETFs permitted under Hong Kong regulations, including spot and derivative crypto ETFs listed on Hong Kong and U.S. exchanges. The available assets include Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) for spot ETFs and futures for derivative ETFs, the press release reads.
<h2 class="wp-block-heading" id="standard-chartered-doubles-down-on-crypto">Standard Chartered doubles down on crypto</h2>
In an effort to woo customers, the bank will offer a trading fee of 0.12% of the transaction value for HK-listed ETFs and for U.S.-listed ETFs. Mox added it will not impose any additional custodian or management fees beyond those charged by the asset management companies managing the specific ETFs.
Launched in September 2020, Mox is a virtual bank backed by Standard Chartered. This latest move underscores Standard Chartered’s commitment to expanding its footprint in the crypto sector. In line with this strategy, the bank is also investing in other areas; notably, the Hong Kong Monetary Authority <a href="https://crypto.news/hong-kong-lists-standard-chartered-animoca-brands-as-stablecoin-sandbox-participants/" target="_blank" rel="noopener noreferrer nofollow">announced</a> in mid-July that Standard Chartered is among the participants in the stablecoin sandbox, allowing the bank to experiment with issuing digital assets backed by fiat currencies.
Read more: <a href="https://crypto.news/standard-chartered-backed-zodia-custody-adds-support-for-deribit/" rel="noopener noreferrer nofollow"> Standard Chartered-backed Zodia Custody adds support for Deribit </a>

Standard Chartered-incubated digital bank Mox Bank debuts crypto ETFs for retail investors

Table of Contents

crypto.news

Other articles published on Aug 7, 2024

Donald Trump’s Children Support Cryptocurrency

Monthly Achievement July 2024

Investors Capitalize on Crypto Decline

BlackRock Ethereum ETF Nets $108M Inflows As Nasdaq Seeks ETHA Options Trading

XRP Investors Expect Parabolic Surge as Ripple Prepares for High-Stakes SEC Meeting Tomorrow

Aventus Supply Chain Solution Demonstrates Polkadot's Impact on Aviation Inudstry

Join our free newsletter for daily crypto updates!