The largest stock exchange in Hong Kong has announced that it will launch a new crypto index to meet the increasing demand for digital assets.
In a new announcement, Hong Kong Exchanges and Clearing Limited (HKEX) says it will launch its own “Virtual Asset Index Series” on November 15.
The index will aim to provide a reliable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) in the Asian time zone while solving the price differences between the different global exchanges.
According to HKEX, the index will be based on a 24-hour volume-weighted US dollar spot price of BTC and ETH using realtime data from major crypto exchanges.
Says Peter Chan, Chief Executive of HKEX Group,
“We are pleased to launch the HKEX Virtual Asset Index Series to meet regional demand for this rapidly emerging asset class. By providing a transparent and reliable real-time benchmark, we hope 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.”
Hong Kong regulators are currently in the process of finalizing licensing for nearly a dozen different crypto exchanges, including Crypto.com and Bullish.
Bloomberg reported earlier this year that only licensed platforms, or those deemed to be licensed, will be allowed to operate in Hong Kong. Actual permits will eventually be issued by the SFC to digital asset trading platforms that demonstrate consistent compliance.
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