Originally published on: October 28, 2024
The global exchange giant, Hong Kong Exchanges and Clearing (HKEX), has sent shockwaves through the financial market with the launch of its cutting-edge digital asset index series. This series promises accurate real-time data on digital assets, specifically tailored for the Asia-Pacific region.
Dubbed the HKEX Virtual Asset Index Series, this revolutionary tool is set to revolutionize the world of digital assets starting November 15. Investors can now access precise benchmarks for top cryptocurrencies like Bitcoin and Ether, all within the Asian time zone.
What makes this launch even more exciting is the concurrent announcement from the Hong Kong Securities and Futures Commission (SFC) about expanding digital asset exchange licenses by year-end. Eric Yip, the executive director at the SFC, expressed optimism about the industry’s growing responsiveness to feedback and calls for increased licensing.
The HKEX Virtual Asset Index Series sets a precedent by offering a consolidated reference price for Bitcoin and Ether based on a volume-weighted average from leading exchanges. Notably, this index series is fully compliant with the European Union Benchmarks Regulation (BMR), marking a breakthrough for the Hong Kong market.
Bonnie Y Chan, HKEX CEO, envisions the index series as a game-changer that empowers investors to make informed decisions and propels the virtual asset ecosystem forward.
As the SFC gears up to grant full licenses to provisional crypto exchanges, the industry undergoes rigorous scrutiny to ensure compliance and cooperation. To foster a conducive environment for digital asset markets, the SFC is set to establish a consultative panel with licensed exchanges by early 2025.
In a parallel development, Hong Kong’s Financial Services and Treasury Bureau has unveiled new policies to regulate the responsible use of artificial intelligence in the financial realm. The ‘Policy Statement on Responsible Application of artificial intelligence in the Financial Market’ outlines guidelines for AI deployment to enhance risk management and customer services.
In a nutshell, the future of digital assets and AI in Hong Kong looks vibrant and promising, heralding a new era of innovation and compliance in the financial sector. Stay ahead of the curve with HKEX’s groundbreaking index series and the evolving regulatory landscape shaping the crypto and AI landscape.
