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    HKEX launches digital asset index as Hong Kong expands crypto licensing

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    Hong Kong Exchanges and Clearing (HKEX) is launching the HKEX Virtual Asset Index Series to give live Bitcoin and Ether price updates. The index series is the first of its kind in Hong Kong and is approved by the EU’s BMR. The Hong Kong Securities and Futures Commission is also planning to issue more licenses for digital asset exchanges. Furthermore, HKEX and SFC aim to establish a panel for cooperation among licensed exchanges by 2025. On October 28, the Financial Services and Treasury Bureau released new policies for safe AI usage in finance.

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    The global exchange group, Hong Kong Exchanges and Clearing (HKEX), has just announced it’s launching a new index series that will keep track of digital assets in real-time for people in the Asia-Pacific area. Starting from November 15, the system, called the HKEX Virtual Asset Index Series, will be able to give Bitcoin (BTC) and Ether (ETH) price updates that are synced with the Asian time zone.

    This announcement from HKEX occurs at the same time as the Hong Kong Securities and Futures Commission’s (SFC) plans to hand out more licenses for digital asset exchanges by the close of the year. Eric Yip, who holds an executive position at the SFC, has stated that businesses have been open to implementing feedback and expanding their licensing.

    The HKEX’s new index series is unique. It lets people get a single price reference for BTC and ETH, using an average that’s based on data from various top exchanges. According to an official press release, this index series is the first of its kind in Hong Kong and has been approved by the European Union’s Benchmark Regulation (BMR).

    HKEX’s CEO, Bonnie Y Chan, has shared that the index series aims to help investors make decisions and to facilitate the development of the digital asset community. She’s excited to introduce it as a response to the increasing interest in this rapidly evolving sector.

    As well as the HKEX index series, the SFC is in the process of finalizing full licenses for some crypto exchanges they’ve given provisional permits to. After a five-month check-up cycle, the regulator has found that some businesses had practices that didn’t meet their standards. However, the majority had taken steps to correct these.

    By the start of 2025, the SFC is hoping to establish a consultative panel with the licensed exchanges to make their cooperation more effective and ensure everyone is following the rules. This increased regulation is also extending to over-the-counter trading desks and custodians, further strengthening the management of Hong Kong’s digital asset markets.

    Additionally, on October 28, the Financial Services and Treasury Bureau (FSTB) in Hong Kong brought out new policies aimed at safe artificial intelligence usage. This government agency went into detail about its thoughts on responsible AI management in finance. In their policy statement, the FSTB mentioned that AI has the potential to be used in a range of areas, from risk management to client services, leading to the creation of new services and products.

    In their latest efforts to encourage AI adoption in finance, the regulator has proposed a dual-track plan that addresses possible challenges while still promoting AI development.

    Source: Cointelegraph

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