Latest news with #ASPIRe
Business Wire
4 days ago
- Business
- Business Wire
AMINA Bank Taps Banking Leader Michael Benz to Lead APAC Expansion
HONG KONG--(BUSINESS WIRE)-- AMINA Bank AG ("AMINA Bank"), a Swiss Financial Market Supervisory Authority (FINMA)-regulated crypto bank with global reach, has appointed Michael Benz as Head of AMINA Hong Kong and the wider APAC region. Benz brings over three decades of senior leadership to AMINA Hong Kong, including Global Head of Private Banking at Standard Chartered, CEO of Merrill Lynch Wealth Management Asia, and Head of Product & Services at UBS Wealth Management APAC. The appointment, following AMINA's record 2024 performance, positions AMINA to capitalise on Hong Kong's evolving regulatory framework and accelerating institutional adoption across the region. Michael will report directly to CEO Franz Bergmueller. Of the appointment, Franz Bergmueller, CEO of AMINA Bank, said: "Michael's expertise in both traditional finance and crypto makes him the ideal leader to continue our expansion across Asia. His exceptional network and deep understanding of client needs will allow us to continue evolving our crypto products and capabilities. Michael's leadership ensures that we can deliver the comprehensive, regulated crypto services that our sophisticated clients demand in the region." The appointment follows a record-breaking 2024 for AMINA Bank, which achieved 69% revenue growth to reach $40.4 million, making it Switzerland's fastest-growing crypto bank. Hong Kong's regulatory environment has reached new levels of maturity with the Securities and Futures Commission's ASPIRe roadmap rollout, the Hong Kong Monetary Authority's stablecoin licensing framework that became effective August 1, and the government's Digital Asset Policy 2.0 initiative, creating unprecedented opportunities for institutional-grade crypto banking services. With a proven track record serving private, corporate, and institutional clients across Asia, Michael combines deep market knowledge and a steadfast commitment to client needs. His expertise positions him to help AMINA capitalise on Hong Kong's emergence as a global crypto hub, while delivering the trusted partnership that clients require when embracing crypto innovation. "My two decades in Asia have shown me that Hong Kong uniquely prioritises practical business adoption in a regulated environment, and crypto technology is no exception,' said Michael. 'This creates an extraordinary opportunity for institutions, corporates, and professional investors exploring this new asset class. What drew me to AMINA is their distinctive approach, combining regulatory excellence and rigor with Hong Kong market access to deliver crypto solutions that clients can trust. I look forward to contributing to AMINA's journey as we shape the future of financial services in Hong Kong and beyond.' With Michael onboard, AMINA is poised to accelerate the expansion of its comprehensive crypto banking services while upholding strong regulatory oversight across all markets. Enhanced technology platforms launching in H2 2025, combined with new strategic partnerships in Hong Kong, will further strengthen AMINA's position as the essential infrastructure for institutional crypto adoption. About AMINA — Crypto. Banking. Simplified. Founded in April 2018 and established in Zug (Switzerland), AMINA Bank AG is a pioneer in the crypto banking industry. In August 2019, AMINA Bank AG received the Swiss Banking and Securities Dealer License from the Swiss Financial Market Supervisory Authority ('FINMA'). In February 2022, AMINA Bank AG, Abu Dhabi Global Markets ('ADGM') Branch received Financial Services Permission from the Financial Services Regulatory Authority ('FSRA') of ADGM to Advise on Investments or Credit, Arrange Deals in Investment, Arrange Credit and Arrange Custody for Professional Clients as defined in the Conduct of Business ('COBS') Rulebook. In November 2023, AMINA (Hong Kong) Limited received its Type 1 (Dealing in Securities), Type 4 (Advising on Securities) and Type 9 (Asset Management) licenses from the Securities and Futures Commission ('SFC'). CVVC Global Report and CB Insights named AMINA as one of the Top 50 Companies within the blockchain ecosystem. In 2023, AMINA won the European WealthBriefing Award in the Digital Assets Solution, Fund Manager category. AMINA was most recently recognised as Institutional Digital Asset Innovation of the Year at the Hedgeweek® Global Digital Assets Awards 2025.
Yahoo
07-04-2025
- Business
- Yahoo
Hong Kong Regulator Releases Crypto Staking Rules for Licensed Exchanges
Hong Kong's securities regulator, the Securities and Futures Commission (SFC), laid out new guidance that would allow licensed crypto exchanges and funds to offer staking services in the city. Staking offers crypto holders a way of putting their digital assets to work and earning passive income without selling them. Staking is integral to Proof of Stake (PoS) networks as it provides security and immutability. In a press release on Monday, the Securities and Futures Commission (SFC) acknowledged the dual role staking can play, enhancing blockchain network security and providing regulated yield-generating opportunities for investors, as it continues to implement its broader strategy of growing Hong Kong's digital asset sector through its "ASPIRe" roadmap. "Broadening the suite of regulated services and products is crucial to sustain the healthy advancement of Hong Kong's virtual asset ecosystem," said Julia Leung, SFC's Chief Executive Officer, in a release. "But the broadening must be done in a regulated environment where the safety of client virtual assets continues to be front and center." In a circular explaining the rules around staking, the SFC said that Virtual Asset Trading Platforms (VATPs), which is what the regulator calls licensed exchanges, must retain complete control of clients' assets, explicitly prohibiting the outsourcing of staking to a third-party. Platforms will also be required to transparently disclose all associated risks, including potential vulnerabilities like blockchain errors, hacking, or validator inactivity. VATPs, according to the rules, must clearly inform clients of the processes involved, fees, minimum lock-up durations, and arrangements for business continuity during disruptions. Authorized virtual asset funds, meanwhile, are mandated to stake only via licensed platforms or authorized institutions, with an enforced cap to manage liquidity risks, further underscoring the regulator's cautious yet supportive approach. This is in contrast to Singapore, Hong Kong's rival financial center in the region, which banned retail staking in 2023, citing the need for "investor protection." The U.S. Securities and Exchange Commission (SEC) continues to restrict staking through enforcement actions, though it's facing growing calls from a bipartisan group of senators to ease its stance. Meanwhile, several states, including most recently Illinois, have dropped staking lawsuits against Coinbase, which was first hit with multiple lawsuits in 2023. Sign in to access your portfolio
