Mox Bank has become the first virtual bank in Hong Kong to provide spot crypto exchange-traded funds to retail investors.
 As the city strives to establish itself as an international crypto center, Mox Bank, a digital bank headquartered in Hong Kong, has initiated trading services that utilize spot crypto ETFs.
Mox announced in a press release on August 7 that it has become the first virtual bank in Hong Kong to offer retail traders these investment options.
The bank observed that the introduction occurs at a critical juncture, as a recent survey revealed that nearly one-third of Hong Kong residents have engaged with cryptocurrencies.
Furthermore, Mox noted that one-third of cryptocurrency owners will likely transition their primary banking services to institutions that provide crypto-related products.
Mox has announced that it will offer a diverse selection of crypto ETFs permissible under Hong Kong regulations.
This includes spot and derivative crypto ETFs listed on Hong Kong and U.S. exchanges. The press release specifies that Bitcoin and Ethereum are among the assets available for spot ETFs, while futures back derivative ETFs.Â
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The bank will charge a trading fee of 0.12% of the transaction value for ETFs listed in Hong Kong and the United States in order to attract consumers.
Mox added that it will not impose any additional custodian or management fees in addition to those charged by the asset management companies that administer the specific ETFs.
Mox, a virtual bank, was established in September 2020 and is supported by Standard Chartered. This latest development further emphasizes Standard Chartered’s dedication to expanding its presence in the crypto sector.
The bank is also investing in other areas with this strategy. Notably, the Hong Kong Monetary Authority announced in mid-July that Standard Chartered is one of the participants in the stablecoin sandbox, which enables the bank to experiment with issuing digital assets backed by fiat currencies.
