Hong Kong Inventory Trade launches digital asset index sequence

• Hong Kong Inventory Trade has introduced launch of a digital asset index sequence.
• The inventory trade will collaborate with crypto knowledge agency CCData to supply pricing knowledge benchmark for Bitcoin and Ethereum within the Asian time zone.

The Hong Kong Inventory Trade, the world’s sixth largest inventory trade, has introduced the launch of a digital asset index sequence.

In line with an announcement on Monday, Oct. 28, the index will go stay on November 15, 2024 and can present dependable benchmark worth references for Bitcoin (BTC) and Ethereum (ETH) within the Asian time zone.

It’s an answer to the difficulty of worth variations witnessed for BTC, ETH and different digital belongings on international exchanges, the HKEX Group stated in a press launch.

Hong Kong’s progress as a crypto innovation hub

Per particulars, the index is the primary developed in Hong Kong to adjust to EU Benchmark Regulation (BMR ). UK-based crypto knowledge and index platform CCData will assist to handle and calculate the benchmark.

Peter Chan, chief govt of HKEX Group, commented:

“By offering a clear and dependable real-time benchmark, we hope to assist traders make knowledgeable funding selections, thereby supporting the wholesome growth of the digital asset ecosystem and consolidating Hong Kong’s place as a world monetary middle.”

HKEX Group’s launch of an index for digital asset worth reference and real-time knowledge comes as Hong Kong more and more turns into a key crypto hub. The approval of spot Bitcoin and Ethereum ETFs in Hong Kong as an example adopted the implementation of a regulatory framework to convey extra folks to the rising asset class. Numerous gamers have launched retail merchandise for the native market.

In current months, the Hong Kong Securities and Futures Fee (SFC) has regarded to reinforce investor safety with a strict authorized and regulatory regime for crypto exchanges. The SFC is at the moment expediting the licensing course of for crypto trade and buying and selling platforms, with candidates anticipated to obtain formal approval by the tip of the 12 months.