- The Hong Kong Inventory Trade introduced the launch of a collection of digital asset indices.
- The trade will collaborate with crypto information firm CCData to supply benchmark worth information for Bitcoin and Ethereum within the Asian time zone.
The Hong Kong Inventory Trade, the world's sixth largest inventory trade, introduced the launch of a collection of digital asset indices.
In keeping with an announcement on Monday, October 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.
This can be a resolution to the issue of worth variations seen for BTC, ETH and different digital belongings on international exchanges, HKEX Group stated in a press launch.
Hong Kong's Progress as a Crypto Innovation Hub
For additional particulars, the index is the primary developed in Hong Kong to adjust to the EU Benchmark Regulation (BMR). UK-based crypto information and index platform CCData will assist handle and calculate the benchmark.
Peter Chan, Managing Director of HKEX Group, commented:
“By offering a clear and dependable real-time benchmark, we hope to assist traders make knowledgeable funding choices, thereby supporting the wholesome growth of the digital asset ecosystem and consolidating Hong Kong's place as a monetary hub worldwide.”
HKEX Group's launch of a digital asset worth benchmark and real-time information comes as Hong Kong more and more turns into a key crypto hub. The approval of Bitcoin and Ethereum spot ETFs in Hong Kong, for instance, adopted the implementation of a regulatory framework geared toward attracting extra individuals to this rising asset class. Varied gamers have launched retail merchandise for the native market.
In latest months, Hong Kong's Securities and Futures Fee (SFC) has sought to strengthen investor protections by way of a strict authorized and regulatory regime for crypto exchanges. The SFC is at the moment accelerating the licensing course of for cryptocurrency exchanges and buying and selling platforms, with candidates anticipated to obtain formal approval by the tip of the 12 months.
