HKEX announces launch of Virtual Asset Index Series, building Asia's digital asset hub

To support Hong Kong's development as a leading digital asset center in Asia, the Hong Kong Exchanges and Clearing Limited (HKEX) announced today (Nov. 15) the launch of the Hong Kong Exchange Virtual Asset Index Series.

This series aims to provide a unified reference price for the rapidly emerging asset class of virtual assets, addressing price discrepancies across global exchanges.

The index series will be based on the spot prices weighted by the 24-hour trading volume of Bitcoin and Ethereum, calculated from aggregated market prices of several major virtual asset exchanges, and will be quoted in US dollars in real-time. The reference rate is designed for financial product settlements and will be calculated daily at 4 PM Hong Kong time.

Additionally, this index series will be the first virtual asset index series developed in Hong Kong that complies with the EU Benchmark Regulation. It will be co-managed and calculated by a benchmark management organization registered in the UK and CCData, a virtual asset data and index provider.

This move is expected to enhance HKEX's authority and recognition in global financial markets, solidifying Hong Kong's status as an international financial center.

Back in October 2022, Hong Kong released a Policy Statement on Development of Virtual Assets in Hong Kong, outlining its commitment to fostering a vibrant virtual asset industry and ecosystem.

According to the Statement, Hong Kong is dedicated to promoting sustainable development across the entire virtual asset value chain, covering areas such as virtual asset issuance, tokenization, trading and payment platforms, as well as financial and asset management and custody services.

The launch of the virtual asset index series is intended to help the public better understand investment trends in virtual assets, providing investors with essential benchmark tools and solutions in an ever-changing market environment.

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