Crypto AUM Up 136%, Derivatives Revenue Surges 40%

The Zurich-based Amina Bank grew its assets under management to $4.2 billion, adding $801 million in net new assets during the year. Derivatives revenue soared by 40%, as demand for crypto risk-hedging tools rose.

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CEO Franz Bergmueller emphasized that the bank achieved quarterly profitability in Q4 2024, marking a key milestone. The bank’s lending portfolio has recorded zero defaults over five years, underscoring its operational resilience.

International Growth Accelerates Across Key Markets

Amina Bank reported international revenue growth of 150% in Abu Dhabi and 570% in Hong Kong. The bank plans to onboard 30 B2B2C partners by the end of 2025. A proprietary digital platform catering to B2C, B2B, and B2B2C clients will launch later this year.

CFO Mike Foy noted a rise in the bank’s liquidity coverage ratio to 228%, and a CET1 capital ratio of 34% — more than twice the regulatory requirement.

Amina Bank, founded in 2019, holds licenses from FINMA (Switzerland), FSRA (Abu Dhabi), and SFC (Hong Kong). The bank rebranded from SEBA Bank in December 2023 to reflect its evolution toward merging traditional finance with digital assets.

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Vincent Chok, CEO of First Digital, acknowledged that Hong Kong’s cautious approach prioritizes investor protection but expressed concern that the slow regulatory progress could hinder the city’s position in the fast-evolving crypto space. He emphasized the need for Hong Kong to act faster to keep up with industry trends.

As of June 1, operating an unlicensed virtual asset trading platform in Hong Kong became a criminal offense, with the city’s Securities and Futures Commission (SFC) publishing an “alert list” of suspicious or unlicensed crypto platforms. While regulation for USD-backed stablecoins is not yet in place, Chok hopes that Hong Kong will implement such measures soon. He noted that cities like Dubai have adopted a more global approach to stablecoin regulation.

In a related move, Jingdong Coinlink Technology Hong Kong Limited recently announced plans to launch a stablecoin pegged to the Hong Kong dollar (HKD), marking a step forward in local stablecoin development, supported by the Hong Kong Monetary Authority’s Sandbox program.

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As the securities and futures market regulator, the SFC plans to work with the Customs and Excise Department (C&ED) to oversee companies offering OTC crypto trading services. According to a proposal made public in February, the regulation and licensing process for OTC services was initially to be managed solely by the C&ED.

OTC trading services allow users to privately buy and sell cryptocurrencies. For more information, you can check out Cointelegraph’s guide to crypto OTC trading. The SFC recently asked for input from companies already offering OTC trading services on how to implement a new licensing regime for crypto custody services. The SCMP, citing anonymous sources, reported that discussions on these licenses are still in the early stages.

SFC Puts Suspicious Crypto Platforms on “Warning List”

The SFC has published a warning list of unlicensed or “suspicious virtual asset trading platforms” operating in Hong Kong.

The SFC warned that these platforms could target Hong Kong investors. The warning list includes suspicious websites or unlicensed entities as of January 2020.

Hong Kong Aims to Become Global Crypto Hub

Hong Kong aims to become a global crypto hub by growing its digital assets industry. The region is trying to attract investors and related companies. As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense. There are currently only two fully licensed virtual asset trading platforms in Hong Kong: Hash Blockchain and OSL Digital Securities.

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Crypto exchanges that have not yet received full operating licenses in Hong Kong include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK.

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Taiwan’s Bureau of Investigation has referred popular Taiwanese singer Nine Chen to the prosecutor’s office in Taipei on charges of gross fraud and violating banking laws for her alleged involvement in a fraud scheme linked to Hong Kong’s JPEX exchange, according to local media reports.

Following an investigation, Chen, who reportedly received 320,000 USDT last year to act as JPEX’s brand ambassador, was found to be involved in JPEX-related fraudulent activities in Taiwan, local newspaper United Daily News reported on Wednesday. Prosecutors have not yet filed formal charges against Chen.

The singer’s investigation comes after Hong Kong authorities cracked down on JPEX’s local operations last year and arrested dozens of suspects in a HK$1.6 billion ($204.9 million) fraud case. Many investors in Taiwan were also affected.

In October, prosecutors called Chen as a witness but later listed him as a defendant. Chen told local media at the time that his investments through JPEX exceeded his approval revenues and his assets lost about 15% of their value.

Taiwan has been requiring virtual asset service providers to comply with anti-money laundering laws since the Financial Supervisory Commission (FSC) enacted these rules in July 2021. However, JPEX has not registered with the FSC for AML compliance.

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