HK stock exchange launches cryptocurrency benchmark

Index will provide real-time prices in Asian time zone as demand for such data rises

- Kang Wan Chern

HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) has launched a cryptocurrency benchmark to meet the city's demand for real-time data on the emerging asset class.

Hong Kong's stock exchange operator announced the HKEX Virtual Asset Index Series on Oct 28, which will provide single, real-time and daily reference prices for Bitcoin and Ether in the Asian time zone.

The index will go live on Nov 15.

"We've seen rising demand for this fast-emerging asset class and, with that, a greater need for transparent and reliable benchmarks to enhance understanding and price discovery," a HKEX spokesperson told The Straits Times.

When asked if the index would be expanded to include other virtual assets and digital currencies, the spokesperson noted that "the current focus will be on successfully launching the index series and educating the market".