HKEX, in collaboration with UK data supplier CCData, is set to launch its first-ever Virtual Asset Index Series on November 15, 2024. This move is a significant step for Hong Kong to strengthen its position in the digital finance sector and establish itself as the hub for digital assets in Asia. The index will provide a unified benchmark for Bitcoin and Ethereum, offering a reference price in the Asian time zone. By supplying real-time, volume-weighted benchmarks, the launch aims to address price differences across worldwide exchanges.
What sets this index apart is that it follows the Benchmark Regulation (BMR) of the European Union, making it the first instance of Hong Kong adhering to such rigorous international financial criteria for digital assets. This adherence to global standards demonstrates Hong Kong’s commitment to aligning with the best practices in the industry.
The Virtual Asset Index Series is designed to assist investors in making informed decisions and enhance transparency in the digital asset market. By utilizing data from top exchanges, this index provides a 24-hour data stream that calculates a daily reference price in US dollars at 4:00 p.m. Hong Kong time. This consistent and reliable pricing mechanism is expected to inspire investor confidence in Bitcoin and Ethereum trading and serve as a valuable tool for market participants.
In addition to the index launch, Futu Securities has emerged as the first online broker in Hong Kong to offer direct Bitcoin trading for ordinary clients. To attract new investors, Futu Securities provides incentives such as Bitcoin, supermarket vouchers, and shares in major companies like Alibaba and Nvidia. This move by Futu Securities further contributes to Hong Kong’s growing presence in the cryptocurrency market.
Overall, Hong Kong’s introduction of the Virtual Asset Index Series and the availability of direct Bitcoin trading through Futu Securities demonstrate the city’s commitment to embracing digital finance and positioning itself as a leading player in the global digital assets landscape.
