![[NEWS] Hong Kong Stock Exchange launches Bitcoin and Ethereum indexes](/_next/image?url=https%3A%2F%2Fimages.microcms-assets.io%2Fassets%2F7819a9cf917e4bcd862bfa2ff5f14d24%2F3d438f0fffaf41fb93723855ea2708c1%2Fhongkong-hkex_2069660399.jpg%3Ffm%3Dwebp&w=3840&q=75)
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HKEX announced on the 28th of last month that it will launch new indices for Bitcoin (BTC) and Ethereum (ETH). The aim is to meet the demand of Hong Kong investors for real-time data on the emerging asset class.
HKEX has announced the HKEX Cryptocurrency Index Series. The index series will provide real-time, daily reference prices for Bitcoin and Ethereum during Asian hours. The index is scheduled to be released on November 15th.
It is not known yet whether the index will be expanded to include other cryptocurrencies and digital currencies in the future. At this time, the company says it will launch the index series successfully and work to popularize the cryptocurrency market.
Most cryptocurrency benchmarks, such as CoinDesk and CoinMarketCap, use UTC to track the price and performance of cryptocurrencies. Bitcoin and Ethereum have base rates designed for the settlement of financial products, which are calculated daily at 4pm Hong Kong time.
The index series will be the first EU benchmark regulation-compliant crypto index series developed in Hong Kong and will be managed and calculated by CCData, a UK-registered benchmark administrator and crypto data and index provider.
HKEX CEO Bonnie Chan said in a statement, "We are pleased to introduce the HKEX Crypto Index Series to meet the region's growing demand for this fast-emerging asset class. By providing a transparent and reliable real-time benchmark, we aim to help investors make informed investment decisions, which will support the development of the crypto ecosystem and strengthen Hong Kong's role as an international financial center."
The launch of the index series comes two years after Hong Kong issued its Policy Statement on the Development of Crypto Assets in 2022. These efforts aim to build a vibrant crypto ecosystem in Hong Kong.
This initiative is in line with Hong Kong's efforts to support and expand the crypto asset market. Hong Kong aims to strengthen its position as a financial center in Asia by becoming a crypto asset hub.
The Hong Kong Securities and Futures Commission (SFC) announced on the 28th of last month that it will grant licenses to more digital asset exchanges by the end of 2024.
Reference: HKEX
Image: Shutterstock
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