Hong Kong Makes History With Asia’s 1st EU-Regulated Crypto Index Launch
The post Hong Kong Makes History With Asia’s 1st EU-Regulated Crypto Index Launch appeared on BitcoinEthereumNews.com.
A new era will dawn at the Hong Kong Stock Exchange (HKEX) next month as the stock market introduces a pioneering index in Asia designed for crypto. Market analysts see this as a trailblazing initiative that will open new opportunities in the Asian financial hub as it integrates cryptocurrencies into the stock market. HKEX Embraces Crypto HKEX today announced a new index series set to start on November 15 specifically for cryptocurrencies, saying that it will cover Bitcoin and Ethereum. In a statement, the Asian stock market boasts that the so-called HKEX Virtual Asset Index Series will be the pioneering European Union (EU)-compliant crypto index in the region. This will once again position Hong Kong as a top-tier financial hub known for its innovative initiatives like making cryptocurrency investments part of the broader stock market. HKEX Group Chief Executive Peter Chan said that HKEX is delighted to launch the new index series, emphasizing that the index can accommodate the regional demand for this “emerging asset class.” Chan explained that the HKEX Virtual Asset Index Series will provide a transparent and reliable real-time benchmark, adding: “We hope to help investors 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.” Total crypto market cap currently at $2.2 trillion. Chart: TradingView How The New Index Will Work According to HKEX, the virtual index series would allow Bitcoin and Ethereum to have real-time reference indices, saying, “The reference index is based on the 24-hour volume-weighted benchmark spot price of Bitcoin or Ethereum.” Under the index, Bitcoin and Ethereum prices will be computed based on a 24-hour volume-weighted benchmark based on aggregate market value across major asset exchanges worldwide. HKEX also confirmed that the index would reflect current US dollar prices,…
Filed under: News - @ October 29, 2024 3:14 am