Mox Bank has become the first virtual bank in Hong Kong to offer cryptocurrency exchange-traded funds (ETFs) to its users directly through the Mox Invest platform.
This new service allows customers to invest in the crypto market without managing a personal crypto wallet, providing a regulated and familiar investment option.
Mox Invest will offer a variety of crypto ETFs permitted under Hong Kong regulations, including HK-listed spot and derivative crypto ETFs and US-listed derivative crypto ETFs.
The investable assets include Bitcoin and Ethereum for spot crypto ETFs and Bitcoin and Ethereum futures for derivative crypto ETFs.
Mox Invest customers can start investing in crypto ETFs with low trading fees using the same account.
The bank charges a 0.12% transaction fee for HK-listed ETFs (minimum HKD 30) and US$ 0.01 per share for US-listed ETFs (minimum US$ 5), with no additional custodian or management fees beyond those charged by the ETF’s asset management company.
Mox shared that the introduction of crypto ETFs is timely, as a recent survey indicates that nearly one-third of Hong Kong residents have engaged with cryptocurrencies, and a similar proportion of crypto owners are inclined to switch to banks offering crypto-related products.
Barbaros Uygun, CEO of Mox, said,
“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, allowing them to explore new investment opportunities within the evolving crypto ecosystem in a regulated and trusted environment and through a safe and simple way via the Mox app.”
