- The Index Series will go live on November 15.
- The products support Hong Kong’s crypto hub status hunt.
The Hong Kong Exchanges and Clearing (HKEX) is set to debut a virtual asset index series on November 15. The Index Series includes a Reference Index and a Reference Rate for Bitcoin (BTC) and Ether (ETH) assets.
HKEX says the index gives investors a transparent and reliable benchmark for BTC and ETH pricing in the Asian time zone. CEO Bonnie Y Chan said:
“We are delighted to introduce the HKEX Virtual Asset Index Series to meet the region’s growing demand for this fast-emerging asset class. By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, which will, in turn, support the development of the virtual asset ecosystem and reinforce Hong Kong’s role as an international financial center.”
The Index Series will be administered by CCData, a UK-registered benchmark creator, and will comply with EU benchmark regulations.
See Related: Asia’s First Bitcoin Futures Inverse ETF To Debut On HKEX On July 23
Index Supports Hong Kong’s Pursuit Of Asia’s Crypto Hub Status
HKEX says that its Index Series cements Hong Kong’s focus on becoming a leader in digital assets exploration in Asia. In April, HKEX debuted the first spot in Bitcoin ETF, although the reception has been lackluster.
Meanwhile, Hong Kong continues to invest in digital assets in a bid to become the crypto hub in Asia. Authorities expect to grant more digital asset exchange licenses before the end of 2024. This comes after several on-site inspections of the exchange platforms amid concerns about their inability to meet the minimum regulatory thresholds.
Eric Yip, director of Hong Kong’s Securities and Futures Commission (SFC), says they will be granted restricted exchanges once the exchanges align with its recommendations. These restrictions will be removed after the exchanges undergo further third-party reviews. The regulator expects further consultations and collaborations with the exchanges by early 2025.
