The Hong Kong bourse is set to launch a virtual asset index series to provide investors with transparent benchmarks for cryptocurrency pricing in Asian time.
The HKEX Virtual Asset Index Series will go live on November 15. The series will consist of a reference index for bitcoin and ether and their reference rates, Hong Kong Exchanges and Clearing (HKEX) says in a statement on October 29.
The reference index is a 24-hour volume weighted reference spot price of bitcoin or ether using prices aggregated from top-rated virtual asset exchanges, calculated in real-time and denominated in US dollars.
According to Bonnie Chan, chief executive officer of HKEX, the index series will meet growing demand for virtual assets in Asia.
“By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, which will in turn support the development of the virtual asset ecosystem and reinforce Hong Kong's role as an international financial centre,” she says.
HKEX says the index series can help support Hong Kong’s policy on virtual assets.
The government in 2022 issued a policy on development of virtual assets that aims to build a vibrant sector and ecosystem for these assets.