Hong Kong’s Stock Exchange (HKEX) has launched a new cryptocurrency benchmark index, marking a significant move toward increasing transparency and reliability in the fast-evolving digital asset sector. The index, which provides real-time prices for Bitcoin and Ether during Asian trading hours, aims to address the growing demand for accurate and region-specific cryptocurrency data.
As global interest in digital assets continues to rise, the HKEX spokesperson emphasized the critical need for “transparent and reliable benchmarks to enhance understanding and price discovery.” The exchange has expressed its intent to focus on successfully launching the index series and educating the market before considering an expansion to other digital assets.
Unlike other cryptocurrency benchmarks from platforms like CoinDesk and CoinMarketCap, which use Coordinated Universal Time (UTC) for tracking prices, the HKEX index operates on a schedule more suited to Asian markets. As of October 28 at 4:45 pm Singapore time, Bitcoin prices displayed slight discrepancies: US$68,268 on CoinMarketCap and US$68,303 on CoinDesk, underscoring the importance of regional benchmarks for accurate pricing.
The newly launched index offers a 24-hour volume-weighted reference spot price for Bitcoin and Ether, calculated in real time with prices aggregated from top-rated virtual asset exchanges and denominated in US dollars. Additionally, the index provides a daily reference rate, aimed at supporting financial product settlements, calculated at 4 pm Hong Kong time.
In a statement, HKEX chief executive Bonnie Chan underscored the platform’s commitment to enhancing transparency in the cryptocurrency market, noting, “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.”
The initiative is the first EU Benchmarks Regulation-compliant virtual asset index series to be developed in Hong Kong, with the index calculation and administration handled by CCData, a UK-based benchmark administrator and virtual asset data provider.
The index launch follows Hong Kong’s policy announcement in 2022 to foster a dynamic virtual asset ecosystem. As part of this ongoing effort, the Hong Kong Securities and Futures Commission (SFC) announced on October 28 that it plans to grant more digital-asset exchange licences by the end of 2024.
Speaking at Hong Kong’s annual Fintech Week, Eric Yip, executive director for intermediaries at the SFC, revealed that the list of fully licensed platforms would be finalized by year-end. “The applicants and their controllers have by and large taken up our feedback, and they are willing to commit resources to rectify issues and take a long-term view in developing their business in a regulated environment,” Yip said.
Despite the city’s initial delays in licensing approvals, with only three exchanges fully licensed and another 11 deemed “provisionally licensed” since 2022, Hong Kong is moving forward with its regulatory framework. Yip added that once these exchanges implement improvements in line with SFC guidance, they will be granted licences for restricted operations.
The benchmark index launch reflects Hong Kong’s broader commitment to positioning itself as a global cryptocurrency hub, providing institutional and retail investors alike with greater access to secure and regulated digital asset trading.
