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<div class="intro-text"> 
 Mox, a virtual bank backed by Standard Chartered, has announced its entry into the cryptocurrency exchange-traded fund (ETF) market, becoming the first virtual bank in Hong Kong to offer such investment products. 
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The move,<a href="https://mox.com/media/mox-breaks-new-ground-as-first-virtual-bank-in-hong-kong-to-open-crypto-investing-for-customers/"> announced</a> today, August 7, 2024, marks a significant step in the integration of traditional banking and cryptocurrency investments in the region. 
Barbaros Uygun, CEO of Mox, emphasized the bank’s pioneering role, stating, 
<blockquote>
 “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.”
</blockquote> 
Mox is trying to differentiate itself with competitive pricing for its crypto ETF offerings: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">For Hong Kong-listed ETFs: 0.12% transaction fee, with a minimum of HK$30 (US$3.84)</li> 
 <li style="font-weight: 400;" aria-level="1">For US-listed ETFs: 0.01% per share fee, with a minimum of US$5</li> 
</ul> 
These rates are notably lower than those offered by traditional brokerage platforms in Hong Kong that facilitate spot Bitcoin and Ether ETF purchases. 
According to Uygun, “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.” 
The expansion comes amid growing interest in cryptocurrencies among Hong Kong residents. Mox claimed that a recent survey revealed that approximately one-third of the city’s population has engaged with cryptocurrencies, with a similar proportion indicating they would consider switching to banks offering crypto-related services. 
Mox also noted that it has plans to introduce direct cryptocurrency purchases on its platform, a feature that has garnered interest from various financial service providers in the region,<a href="https://www.scmp.com/tech/tech-trends/article/3273430/hong-kong-virtual-bank-mox-starts-bitcoin-ether-etf-trading-plans-direct-crypto-trading?module=top_story&amp;pgtype=section"> according to the South China Morning Post.</a> 
This development coincides with broader advancements in Hong Kong’s cryptocurrency financial products. Asia’s first Bitcoin futures inverse product was<a href="https://defi-planet.com/2024/07/hong-kong-to-introduce-asias-first-inverse-bitcoin-etf/"> reportedly</a> debuted on the city’s financial market on July 23. The CSOP Bitcoin Futures Daily (-1x) Inverse Product (7376.HK), developed and managed by China Southern Asset Management Co., Ltd (CSOP), will allow investors to profit from declines in Bitcoin’s price by mirroring the inverse daily performance of the S&amp;P Bitcoin Futures Index. 
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The post <a href="https://defi-planet.com/2024/08/hong-kongs-top-virtual-bank-mox-to-offer-crypto-etfs-amid-rising-interest/">Hong Kong’s Top Virtual Bank, Mox, to Offer Crypto ETFs Amid Rising Interest</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Hong Kong’s Top Virtual Bank, Mox, to Offer Crypto ETFs Amid Rising Interest

DeFi Planet

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