{"id":98083,"date":"2024-10-28T11:03:21","date_gmt":"2024-10-28T15:03:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98083"},"modified":"2024-10-28T11:08:41","modified_gmt":"2024-10-28T15:08:41","slug":"hkex-introduces-digital-asset-index","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hkex-introduces-digital-asset-index\/","title":{"rendered":"HKEX Introduces Digital Asset Index Amid Hong Kong’s Crypto Licensing Expansion"},"content":{"rendered":"\n

HKEX's new index series will provide a single reference price for Bitcoin and Ether<\/a>, aligning with Asia-Pacific trading hours, and intends to increase transparency in the digital asset market.<\/p>\n\n\n\n

\"HKEX<\/figure>\n\n\n\n

Hong Kong Exchanges and Clearing (HKEX), a global exchange group listed on public markets, recently announced the launch of a digital asset index series aimed at providing real-time data on digital assets across the Asia-Pacific region.<\/p>\n\n\n\n

The HKEX Virtual Asset Index Series will be available starting November 15, giving investors key benchmarks for Bitcoin and Ether pricing within the Asian time zone.<\/p>\n\n\n\n

This launch aligns with the Hong Kong Securities and Futures Commission\u2019s (SFC) plans to issue additional digital asset exchange licenses by year-end. <\/p>\n\n\n\n

According to Bloomberg, Eric Yip, executive director at the SFC, noted that firms had responded well to feedback and the SFC\u2019s drive for expanded licensing.<\/p>\n\n\n\n

New Index Series<\/h2>\n\n\n\n

The HKEX Virtual Asset Index Series is intended to deliver a unified price reference for BTC and ETH through a volume-weighted average drawn from several top-tier exchanges.<\/p>\n\n\n\n

An official press release\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> states that the index complies with the European Union Benchmarks Regulation (BMR), marking it as the first such index in Hong Kong.<\/p>\n\n\n\n

Bonnie Y Chan, CEO of HKEX, emphasized that the series will help \u201cenable investors to make informed investment decisions [to] support the development of the virtual asset ecosystem.\u201d<\/p>\n\n\n\n

She added, \u201cWe are delighted to introduce the HKEX Virtual Asset Index Series to meet the region\u2019s growing demand for this fast-emerging asset class.\u201d<\/p>\n\n\n\n

\n

HKEX is launching the HKEX Virtual Asset Index Series, supporting Hong Kong\u2019s development as Asia\u2019s leading #digitalassets<\/use><\/svg><\/span><\/a> hub. It will go live on 15 November 2024.

For more information, please visit: https:\/\/t.co\/dDJMQ19kwy<\/use><\/svg><\/span><\/a> pic.twitter.com\/zLC7qFGyDT<\/use><\/svg><\/span><\/a><\/p>— HKEX \u9999\u6e2f\u4ea4\u6613\u6240 (@HKEXGroup) October 28, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

SFC Licensing Efforts<\/h2>\n\n\n\n

Alongside HKEX\u2019s index launch, the SFC is moving forward with full licenses for several crypto exchanges that previously held provisional permits.<\/p>\n\n\n\n

Following a five-month review, the regulator flagged some firms for unsatisfactory practices but noted that most had implemented corrective measures.<\/p>\n\n\n\n

The SFC plans to create a consultative panel with licensed exchanges<\/a> by early 2025 to enhance cooperation and regulatory compliance.<\/p>\n\n\n\n

Additionally, the regulatory expansion includes over-the-counter trading desks and custodians, strengthening oversight within Hong Kong\u2019s digital asset markets.<\/p>\n\n\n\n

Hong Kong\u2019s Push for AI in Finance<\/h2>\n\n\n\n

On October 28, Hong Kong\u2019s Financial Services and Treasury Bureau (FSTB) released policies promoting safe AI use<\/a> in the finance sector.<\/p>\n\n\n\n

In its \u2018Policy Statement on Responsible Application of artificial intelligence in the Financial Market,\u2019 the FSTB emphasized that AI \u201ccould be deployed to various aspects from risk management to customer services,\u201d opening doors to new services and products.<\/p>\n\n\n\n

The report highlighted that \u201cthe public release of generative AI products and services in 2022 has presented ample opportunities to the industry.\u201d<\/p>\n\n\n\n

To support AI innovation while managing risks, the FSTB proposed a \u201cdual-track approach\u201d for fostering AI\u2019s growth in finance.<\/p>\n","protected":false},"excerpt":{"rendered":"

HKEX’s new index series will provide a single reference price for Bitcoin and Ether, aligning with Asia-Pacific trading hours, and intends to increase transparency in the digital asset market. Hong Kong Exchanges and Clearing (HKEX), a global exchange group listed on public markets, recently announced the launch of a digital asset index series aimed at […]<\/p>\n","protected":false},"author":56,"featured_media":98091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3996,10597,152,984,1058,128,1134,12982,1502],"class_list":["post-98083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ai","tag-assets-2","tag-bitcoin","tag-cryptocurrency-exchange","tag-digital-asset","tag-ethereum","tag-hong-kong","tag-policies-2","tag-regulation"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/HKEX-Introduces-Digital-Asset-Index-Amid-Hong-Kongs-Crypto-Licensing-Expansion.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98083"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98091"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}