- Hong Kong Stock Exchange has announced launch of a virtual asset index series.
- The stock exchange will collaborate with crypto data firm CCData to offer pricing data benchmark for Bitcoin and Ethereum in the Asian time zone.
The Hong Kong Stock Exchange, the world’s sixth largest stock exchange, has announced the launch of a virtual asset index series.
According to an announcement on Monday, Oct. 28, the index will go live on November 15, 2024 and will provide reliable benchmark price references for Bitcoin (BTC) and Ethereum (ETH) in the Asian time zone.
It’s a solution to the issue of price differences witnessed for BTC, ETH and other digital assets on global exchanges, the HKEX Group said in a press release.
Hong Kong’s growth as a crypto innovation hub
Per details, the index is the first developed in Hong Kong to comply with EU Benchmark Regulation (BMR ). UK-based crypto data and index platform CCData will help to manage and calculate the benchmark.
Peter Chan, chief executive of HKEX Group, commented:
“By providing a transparent and reliable real-time benchmark, we hope to help investors 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.”
HKEX Group’s launch of an index for virtual asset price reference and real-time data comes as Hong Kong increasingly becomes a key crypto hub. The approval of spot Bitcoin and Ethereum ETFs in Hong Kong for instance followed the implementation of a regulatory framework to bring more people to the emerging asset class. Various players have launched retail products for the local market.
In recent months, the Hong Kong Securities and Futures Commission (SFC) has looked to enhance investor protection with a strict legal and regulatory regime for crypto exchanges. The SFC is currently expediting the licensing process for crypto exchange and trading platforms, with applicants expected to receive formal approval by the end of the year.
The post Hong Kong Stock Exchange launches virtual asset index series appeared first on CoinJournal.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments