HKEX launches digital asset index as Hong Kong expands crypto licensing
Hong Kong Exchanges and Clearing (HKEX), a publicly traded global exchange group, announced the launch of a new digital asset index series for accurate real-time data on digital assets in the Asia-Pacific region.
The HKEX Virtual Asset Index Series will go live on Nov. 15, providing investors with benchmarks for Bitcoin ( BTC ) and Ether ( ETH ) pricing in the Asian time zone.
HKEX’s new index series coincides with the Hong Kong Securities and Futures Commission’s (SFC) plans to issue more digital asset exchange licenses by the end of the year.
According to Bloomberg, Eric Yip, the executive director at the SFC, highlighted that firms had been receptive to feedback and the SFC’s push for increasing licensing.
Related: Hong Kong issues dual-track policy for AI adoption in finance
New index series
The HKEX Virtual Asset Index Series is designed to provide a single reference price for BTC and ETH through a volume-weighted average gathered from data from multiple top-rated exchanges.
According to an official press release, the index is stated as compliant with the European Union Benchmarks Regulation (BMR), making this index series the first of its kind in HK.
Bonnie Y Chan, the CEO of HKEX, stated that the index series aims to “enable investors to make informed investment decisions [to] support the development of the virtual asset ecosystem.”
“We are delighted to introduce the HKEX Virtual Asset Index Series to meet the region’s growing demand for this fast-emerging asset class.”
Source: HKEX
Related: Hong Kong cops clean out alleged $46M deepfake crypto scam
SFC licensing push
Alongside the HKEX index series, the SFC is finalizing full licenses for several crypto exchanges previously provided with provisional permits.
After a five-month inspection period, the regulator identified unsatisfactory practices among some firms but acknowledged that most had taken corrective actions.
By early 2025, the SFC plans to form a consultative panel with licensed exchanges to improve cooperation and compliance.
The expansion of the regulatory framework also covers over-the-counter trading desks and custodians, reinforcing the oversight of HK digital asset markets.
Related: Hong Kong to license more crypto exchanges by end of year
Hong Kong push for AI adoption in finance
On Oct. 28, Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued new policies geared toward the safe use of artificial intelligence.
The Hong Kong government agency detailed its stance on the responsible management of AI in finance in its ‘Policy Statement on Responsible Application of artificial intelligence in the Financial Market.’
In the policy statement, the FSTB stated that AI “could be deployed to various aspects from risk management to customer services,” leading to new services and products.
“The public release of generative AI 1 products and services in 2022 has presented ample opportunities to the industry,” the report said.
In its latest push for AI adoption in finance, the regulator proposed a “dual-track approach” to address the potential hurdles while promoting the innovation of AI development.
Magazine: The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
How OpenAI cemented its place on a rocky road in 2024
Share link:In this post: OpenAI had a challenging journey in marking itself as a prominent force in Artificial Intelligence. However, major milestones and other setbacks occurred for the company in 2024. This happened because CEO Sam Altman returned to help save the company.
Majority of businesses are still at early stages of AI maturity: MIT study
Share link:In this post: Authors of the study categorized stages of AI advancement into four, with the majority of firms still in the initial stages. The study analyzed 721 companies at different stages of AI advancement. Companies become AI future-ready in the final stage.
DeFi security sees a 40% drop in losses as CeFi faces a $694M surge in breaches
Share link:In this post: DeFi crypto hacks account for about 20.4% of all crypto hacks in 2024, while CeFi’s adds up to 30%. CeFi losses have increased to $694 million in 2024. Access control exploits accounts for the loss of over $1.7 billion.
5 crypto predictions for 2025
These 5 crypto prophecies put Nostradamus to shame