14 min read

Mox Breaks New Ground as First Virtual Bank in Hong Kong to Open Crypto Investing for Customers

Virtual assets (“VA”) and VA-related products, such as cryptocurrency ETFs, are highly complex products that carry a significant level of risk and may not be suitable for all investors. The novelty of such products makes investments in VA-related products potentially riskier than investments in traditional financial products. Before investing in VA-related products, you should be satisfied that you fully understand the nature of VA-related products, how they work, the extent of your exposure to risks and the potential losses you may incur.
You should fully understand the characteristics and assess the risks associated with VAs and VA-related products before making any decision to invest in VA-related products. If you do not have a complete understanding of VAs or VA-related products or are unable to bear the potential losses, you should refrain from investing in VA-related products. You should only invest with funds that you can afford to lose.
The performance of a virtual asset futures ETF can significantly deviate from that of the VA’s spot price, because the virtual asset futures ETF invests in VA futures but not in the VA directly. You should exercise caution when trading a virtual asset futures ETF. Before investing in such ETF, particularly if you wish to adopt a buy-and-hold strategy, you should read this page and its offering documents carefully and fully understand its features, exposure, operation and risks. You should also have a clear understanding of how VA futures contracts work and the rollover mechanism involved. You should pay particular attention to the risks under exceptional market circumstances, such as significant or total loss of your investment in the ETF in a short period of time and how rollover of futures contracts may adversely affect the value and performance of the ETF.
You should also carefully consider whether any investment in VA-related products is suitable for you in light of your personal circumstances, including your financial resources, investment experience, investment objectives, ability to assume risks and bear financial losses and other relevant factors. You should consult professional advisers, such as legal, tax, financial and accounting advisers, as appropriate. By entering into any transaction in VA-related products, you agree that you assume all the risk of your transaction and that we will not be responsible for any losses you may thereby suffer.
In making investment decisions, investors should not rely solely on this material.

Hong Kong, 7 August 2024 – Mox Bank Limited (“Mox” or “the bank”) today is making it easier for Mox Invest customers to expand their portfolios with exchange-traded cryptocurrency funds (“Crypto ETFs”) directly on Mox Invest. The service offers a convenient way to gain exposure to the crypto market through a regulated and familiar investment platform without the complexities of managing a personal crypto wallet, making Mox the first virtual bank in Hong Kong to offer crypto-related investment products.

This new service comes at a pivotal time, as a survey¹ reveals nearly one-third of people in Hong Kong have engaged with crypto and 1 in 3 crypto owners are likely to switch their primary banks to one that offers crypto-related products. By fostering a culture of innovation in an increasingly dynamic and fast-paced business environment, Mox strategically aligns its services with customer demand and simplifies access for gaining confidence with an emerging asset class. Crypto-related investing available from the Mox app further solidifies Mox’s position as a forward-thinking digital bank.

A range of Crypto ETFs permitted to be offered to Hong Kong retail investors under Hong Kong regulations will be available via Mox Invest, including HK-listed spot and derivative Crypto ETFs and US-listed derivative Crypto ETFs. Investable underlying assets include Bitcoin and Ethereum for spot Crypto ETFs and Bitcoin and Ethereum futures for derivative Crypto ETFs.

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.”

Enjoy low trading fees

With all investment products offered via a Mox Invest account within the Mox app, Mox Invest customers can conveniently start investing in Crypto ETFs using the same account. They can also enjoy Mox Invest’s significantly lower fees². The bank offers the same attractive securities trading commissions for HK-listed and US-listed Crypto ETFs - 0.12% of the transaction value (minimum HKD30) for HK-listed ETFs and USD0.01 per share (minimum USD5) for US-listed ETFs³. Mox does not impose any custodian fee or management fee beyond those charged by the asset management company managing the specific ETF.

¹According to the global study “The Crypto Phenomenon: Consumer Attitudes & Usage” conducted by Visa in 2021.

²Compared against the trading commission fees for retail customers of 20 local banks as of 22 July 2024.

³For details, please refer to the relevant Fees and Charges section in the Mox app or on the Mox website.

Mox

07 Aug 2024

14 min read