Hong Kong Exchanges and Clearing (HKEX) has announced that they will be launching a virtual asset index series on November 15th. This index is aimed at providing investors with transparent and reliable benchmarks for Bitcoin and Ether pricing in the Asian time zone. HKEX CEO, Bonnie Y Chan, stated that this initiative will support the development of the virtual asset ecosystem and strengthen Hong Kong’s position as an international financial center.
The index will be administered and calculated by CCData, a UK-registered benchmark administrator and virtual asset data provider owned by CoinDesk. It will include a reference index for Bitcoin and Ether, as well as a reference rate for these cryptocurrencies. The reference index will provide a 24-hour volume weighted reference spot price of Bitcoin or Ether in real-time and denominated in U.S. dollars. The reference rate, on the other hand, will be calculated daily at 4:00 pm Hong Kong time for the settlement of financial products.
In other news related to the cryptocurrency industry, Microsoft has urged shareholders to vote against a Bitcoin proposal. Bitcoin option volumes are on the rise, with institutions eyeing a $100K BTC price post-U.S. election according to Kaiko. OKX’s crypto expansion in Dubai is seen as a regulatory game-changer, while Solana is outperforming amidst the memecoin frenzy.
It is important to note that CoinDesk, the source of this information, is an award-winning media outlet that covers the cryptocurrency industry. Their journalists adhere to strict editorial policies to ensure integrity, editorial independence, and freedom from bias in their publications. CoinDesk is part of the Bullish group, which invests in digital asset businesses and digital assets. Some CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
With the launch of the virtual asset index series by HKEX and the latest updates in the cryptocurrency industry, investors and enthusiasts can stay informed and make informed decisions in this rapidly evolving market. This move by HKEX is a significant step towards providing more robust infrastructure and tools for investors in the Asian market, further solidifying Hong Kong’s position as a key player in the global financial landscape.
