- The Hong Kong Inventory Trade has introduced the launch of a sequence of digital asset indices.
- The change will work with crypto knowledge agency CCData to supply a benchmark value knowledge for Bitcoin and Ethereum within the Asian time zone.
The Hong Kong Inventory Trade, the sixth largest inventory change on the planet, has introduced the launch of a sequence of digital asset indices.
Based on the announcement on Monday, October 28, the index will likely be launched on November 15, 2024 and can present a dependable reference reference value for Bitcoin (BTC) and Ethereum (ETH) within the Asian time zone.
It’s a resolution to the issue of value variations that now we have seen for BTC, ETH and different digital property on international exchanges, the HKEX Group stated in a press launch.
The rise of Hong Kong as a hub of cryptocurrency innovation
Based on the small print, the index is the primary developed in Hong Kong to adjust to the EU Benchmarking Regulation (BMR). UK crypto knowledge and index platform CCData will assist handle and calculate the benchmark.
Peter Chan, CEO of HKEX Group, stated:
“By offering a clear and dependable real-time benchmark, we hope to assist buyers make knowledgeable funding selections, thereby supporting the wholesome growth of the digital asset ecosystem and cementing Hong Kong's place as a global monetary middle.”
The launch of HKEX Group's digital asset benchmark value and real-time knowledge index comes as Hong Kong more and more emerges as a key crypto hub. For instance, the approval of spot bitcoin and ethereum ETFs in Hong Kong adopted the implementation of a regulatory framework to carry extra folks into the rising asset class. Varied gamers have launched retail merchandise for the native market.
In current months, the Hong Kong Securities and Futures Fee (SFC) has sought to enhance investor safety with a strict authorized and regulatory regime for crypto exchanges. The SFC is presently rushing up the licensing course of for cryptocurrency and buying and selling platforms, with candidates anticipated to obtain formal approval by the tip of the 12 months.
