Hong Kong Exchange to Launch New Crypto Index for BTC and ETH

Hong Kong Exchanges and Clearing Limited (HKEX), the main stock exchange in Hong Kong, has announced intentions to launch its own “Virtual Asset Index Series” on November 15. By providing a trustworthy benchmark to monitor the price of Bitcoin (BTC) and Ethereum (ETH) throughout Asia, this action seeks to satisfy the expanding regional demand for digital assets.

Bridging Gaps in Global Crypto Pricing

HKEX’s Virtual Asset Index Series will address a common challenge in the cryptocurrency market: price disparities across different global exchanges. The index will calculate prices based on a 24-hour volume-weighted US dollar spot price for both BTC and ETH, using real-time data from several prominent crypto exchanges. By doing so, HKEX aims to establish a consistent and dependable pricing reference within the Asian time zone, where digital assets continue to gain popularity.

HKEX Group’s Chief Executive, Peter Chan, shared his enthusiasm about the new index, stating, “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.”

Strengthening Hong Kong’s Position in Digital Asset Markets

This most recent action supports Hong Kong’s goal of becoming a major center for digital finance. The licensing procedures for some cryptocurrency exchanges, such as Crypto.com and Bullish, are currently being developed by local regulators. Only licensed or license-pending exchanges will be permitted to operate in Hong Kong, according to a Bloomberg story earlier this year. The Securities and Futures Commission (SFC) will be in charge of ensuring that authorized digital asset trading platforms comply with the regulations.

With the goal of promoting sustainable growth and assuring investors around Asia, HKEX’s initiative demonstrates Hong Kong’s dedication to a transparent, regulated cryptocurrency market that satisfies international standards.