As a seasoned crypto investor with roots deeply entrenched in the bustling financial landscape of Hong Kong, I find the recent announcements by HKEX and the SFC to be nothing short of exhilarating. The launch of the HKEX Virtual Asset Index Series, providing real-time data on Bitcoin and Ether in the Asia-Pacific region, is a significant step towards mainstream adoption of digital assets.
In simpler terms, the internationally recognized stock exchange known as Hong Kong Exchanges and Clearing (HKEX) has unveiled a fresh series of indexes focused on digital assets. These indexes will provide precise, up-to-the-minute data about digital assets within the Asia-Pacific region.
Starting November 15th, I’ll have a new tool to help me navigate the crypto market: The HKEX Virtual Asset Index Series. This innovative resource will offer me benchmarks tailored to Bitcoin (BTC) and Ether (ETH) pricing, all adjusted for the Asian time zone. It’s like having a local guide for my investments in the world of digital assets!
The launch of HKEX’s latest index lineup aligns with the Hong Kong Securities and Futures Commission’s (SFC) intention to grant additional digital asset exchange permits before the year ends.
As a researcher, I’ve come across an interesting piece of information from Bloomberg. Eric Yip, the executive director at the Securities and Futures Commission (SFC), emphasized that the firms under their jurisdiction have been open to constructive feedback and are supportive of the SFC’s efforts to enhance licensing requirements.
New index series
The HKEX Cryptocurrency Index Series has been created to offer a standard price point for Bitcoin (BTC) and Ethereum (ETH), by averaging the trading volumes from several leading digital asset exchanges.
As per a formal announcement, it’s been declared that this index series conforms to the European Union Benchmark Regulation (BMR). This makes it the inaugural index series of its kind in Hong Kong.
As an analyst, I can share that Bonnie Y. Chan, the CEO of HKEX, articulated that their index series is designed with the purpose of empowering investors to make well-informed decisions regarding investments, thereby contributing to the growth and advancement of the digital asset ecosystem.
“We are delighted to introduce the HKEX Virtual Asset Index Series to meet the region’s growing demand for this fast-emerging asset class.”
SFC licensing push
Concurrently with the HKEX index series, the Securities and Futures Commission (SFC) is wrapping up the process of issuing full licenses to multiple cryptocurrency exchanges that had initially received temporary permits.
Following a five-month review, the regulatory body found subpar business methods in certain companies, yet commended many for making appropriate corrections.
By early 2025, the Securities and Futures Commission (SFC) intends to establish a consultative group consisting of licensed exchanges, aiming to enhance collaboration and adherence to regulations.
The expansion of the regulatory framework also covers over-the-counter trading desks and custodians, reinforcing the oversight of HK digital asset markets.
Hong Kong push for AI adoption in finance
On October 28th, the Financial Services and Treasury Bureau (FSTB) in Hong Kong announced new guidelines aimed at ensuring secure implementation of artificial intelligence.
The Hong Kong government outlines their viewpoint on ethical AI usage in finance within their document titled ‘Financial Market’s Ethical Use of Artificial Intelligence: A Policy Statement.’
According to the FSTB’s policy declaration, AI technology might be utilized across a range of areas, including risk assessment and client support, thereby paving the way for innovative services and offerings.
“The public release of generative AI 1 products and services in 2022 has presented ample opportunities to the industry,” the report said.
To foster artificial intelligence (AI) integration within the financial sector, the regulatory body has suggested a “two-pronged strategy” aimed at overcoming potential obstacles and driving advancements in AI technology.
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2024-10-28 17:35