The biggest inventory alternate in Hong Kong has introduced that it’ll launch a brand new crypto index to fulfill the rising demand for digital property.
In a brand new announcement, Hong Kong Exchanges and Clearing Restricted (HKEX) says it can launch its personal “Digital Asset Index Sequence” on November 15.
The index will intention to supply a dependable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) within the Asian time zone whereas fixing the value variations between the completely different international exchanges.
In line with HKEX, the index can be primarily based on a 24-hour volume-weighted US greenback spot worth of BTC and ETH utilizing realtime knowledge from main crypto exchanges.
Says Peter Chan, Chief Govt of HKEX Group,
“We’re happy to launch the HKEX Digital Asset Index Sequence to fulfill regional demand for this quickly rising asset class. By offering a clear and dependable real-time benchmark, we hope Buyers could make knowledgeable funding choices, thereby supporting the wholesome improvement of the digital asset ecosystem and consolidating Hong Kong’s place as a global monetary middle.”
Hong Kong regulators are presently within the strategy of finalizing licensing for practically a dozen completely different crypto exchanges, together with Crypto.com and Bullish.
Bloomberg reported earlier this 12 months that solely licensed platforms, or these deemed to be licensed, can be allowed to function in Hong Kong. Precise permits will finally be issued by the SFC to digital asset buying and selling platforms that show constant compliance.
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