Mox, a virtual bank and a subsidiary of Chartered Standard, launched crypto exchange-traded fund trading for its customers.
28% of its customers have already invested in cryptocurrencies, and approximately 18% of the customers are active crypto trackers, Mox claims.
Bitcoin is trading at $57,276, as of writing, with a growth of 4.48%; its trading volume fell 39.57%, reaching $45 Billion.
The surging popularity of crypto has lured traditional banking joints towards virtual and digital currency.
On August 7, Mox, a virtual Bank based in Hong Kong, launched crypto exchange-traded fund trading for its customer expansion into spot trading. It is the daughter company of Standard Chartered, a British multinational bank with customers globally.
Following the announcement, customers can trade Bitcoin spot ETFs and Ethereum spot ETFs directly on the Mox platform.
The virtual bank is planning to partner with a registered cryptocurrency exchange in the future to boost its services to direct buying, selling, and trading of crypto assets.
In earlier days, there was confusion over the approval of spot ETFs, but Hong Kong approved ETF trading in April 2024. However, Hong Kong has positioned itself as one of the fastest-evolving crypto hubs globally. Its neighboring nation, China, restricted all sorts of crypto activities in 2021.
Following its establishment in September 2022, the bank reported recently that 28% of its customers have already invested in cryptocurrencies, and approximately 18% of the customers are active crypto trackers.
The virtual bank has a vision to establish a benchmark of Hong Kong globally, said Barbaros Uygun, the chief executive officer of Mox.
Uygun also notes that enlisting crypto ETFs to the Mox platform will enable its customers to gain exposure to flourishing digital assets with trust.
In a dialogue with the South China Morning Post, Jayant Bhatia, the chief product officer of Mox, asserts the launch of ETFs as the beginning of what the bank seeks to deliver in crypto trading services.
Hong Kong’s Crypto Regulations
The region is among the fastest-evolving cryptocurrency markets, focusing on providing clear regulations and protecting investors.
Several companies in Hong Kong are actively working in the crypto space, including OKEX, a cryptocurrency exchange, 100x, crypto (dot)com, one of the leading crypto-based firms functioning on a global scale, Parallel, and Pulsar Trading Capital, among others.
Hong Kong regulators are constantly working to structure their framework more clearly and transparently, aligning with international standards such as Financial Action Task Force recommendations.
Following the clarity over Cryptocurrency, none of the companies invested millions of dollars in the region to establish their business and serve the people of the region.
Crypto Market Alert
Since the past 24 hours, bulls have dominated the bears in the market as the crypto market added 4.26% to its capitalization, reaching $2.03 Trillion.
Bitcoin is trading at $57,276, as of writing, with a growth of 4.48%; despite this growth, trading volume fell 39.57%, reaching $45 Billion.
Popcat (POPCAT) price grew 36.81% intraday, making it the top topper on the list. Dogwifhat (WIF), the trending memecoin, is trading at $1.75 after it added 28% in the past 24 hours.
