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Hong Kong Stock Exchange To Launch Virtual Asset Index for Bitcoin and Ethereum Pricing in Asian Timezone: Report

Published

1 year ago

October 28, 2024

Hong Kong’s largest inventory trade has introduced the launch of a brand new crypto index to satisfy the rising demand for digital property.

In a brand new announcementHong Kong Exchanges and Clearing Restricted (HKEX) says it should launch its personal “Digital Asset Index Sequence” on November 15.

The index will intention to supply a dependable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) within the Asian time zone whereas fixing the value gaps between the varied international exchanges.

In keeping with HKEX, the index might be primarily based on a 24-hour volume-weighted US greenback spot value of BTC and ETH, utilizing real-time knowledge from main crypto exchanges.

Says Peter Chan, CEO of HKEX Group,

“We’re happy to launch the HKEX Digital Asset Index Sequence to satisfy regional demand for this quickly rising asset class. By offering a clear and dependable real-time benchmark, we hope traders could make knowledgeable funding choices, supporting the wholesome growth of the digital asset ecosystem and consolidating Hong Kong’s place as a global monetary middle.”

Hong Kong regulators are at present finalizing the licensing of almost a dozen completely different crypto exchanges, together with Crypto.com and Bullish.

Bloomberg reported earlier this yr that solely licensed platforms, or platforms believed to be licensed, can be allowed to function in Hong Kong. The precise licenses will in the end be issued by the SFC to digital asset buying and selling platforms that show constant compliance.

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