Hong Kong Stock Exchange (HKEX) has announced a major step for crypto asset trading with the upcoming launch of its first virtual asset index series on Nov. 15, 2024.
This new index will focus on Bitcoin and Ethereum, creating a unified pricing benchmark in the Asian time zone, and will be managed in partnership with UK-based CCData, according to the press release.
It marks Hong Kong’s first virtual asset index to comply with the EU Benchmark Regulation (BMR), highlighting its push into regulated digital finance.
HKEX aims to support Asian investors with a reliable, real-time reference for the volatile prices of Bitcoin and Ethereum. The new HKEX Virtual Asset Index Series will track each asset’s 24-hour volume-weighted spot price, pulling data from several major exchanges.
Additionally, this index offers a transparent, unified price that can address price discrepancies across global markets. It will give investors a stable metric for evaluating digital assets.
A strategic move to position Hong Kong as a crypto hub
HKEX’s Chief Executive, Peter Chan, expressed confidence in the project’s potential.
By providing a transparent and reliable real-time benchmark, we hope to help investors Investors can make informed investment decisions, thereby supporting the healthy development of the virtual asset ecosystem and consolidating Hong Kong’s position as an international financial center.
However, HKEX’s push into the digital asset space represents a broader commitment to innovation. Beyond simply launching an index, the exchange aims to provide key tools and benchmarks for investors navigating this new landscape.
The reference exchange rate will settle at 4:00 p.m. HKT daily, calculated in U.S. dollars for precise regional alignment. Nevertheless, the move aligns with Hong Kong’s 2022 policy direction, which supports a robust virtual asset ecosystem.
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