Crypto continues to penetrate legacy finance.

Hong Kong Stock Exchange will launch unified crypto pricing.

Hong Kong is bouncing back as a global financial center.

Mass crypto adoption envisions a future where blockchain technology seamlessly integrates into daily life. As more institutions embrace this vision, advocates see crypto on the brink of mainstream acceptance.

In a significant move toward mainstream acceptance, Hong Kong Exchanges and Clearing (HKEX) has announced plans to launch its Virtual Asset Index Series soon.

Standardized Crypto Pricing

As crypto continues to gain traction against TradFi, HKEX, which operates the Hong Kong Stock Exchange, is set to roll out its Virtual Asset Index Series on November 15. Sponsored

This index will serve as a transparent and reliable price benchmark for Bitcoin and Ethereum in Asia, catering to the growing demand for transparent virtual asset pricing.

The move marks significant progress in endorsing digital assets, which still contend with associations of illegitimacy and illicit activity.

HKEX CEO Bonnie Y Chan noted that the index aims to support the region’s digital asset industry, positioning HK as a leading financial center, adding, “By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions.” 

Hong Kong Exodus Halted

Political turmoil from the 2019 pro-democracy protests against Beijing’s increasing control, particularly Article 23, which permits detainment without charge for up to 16 days and life imprisonment for collusion with foreign influence, led to a mass exodus of capital and talent from HK.

Singapore overtook Hong Kong as Asia’s leading financial center in 2022 during this period. However, HK has worked to restore its standing by embracing cryptocurrency and implementing incentives to attract wealthy investors.

These efforts appear to have paid off, as a survey by Z/Yen Partners and the China Development Institute showed that Hong Kong had reclaimed its position ahead of Singapore as the third highest-ranking financial center behind New York and London.

The Securities and Futures Commission is bolstering Hong Kong’s crypto ecosystem, announcing plans to grant additional crypto exchange licenses by year-end, complementing those already awarded to OSL, Hashkey, and HKVAX.

On the Flipside

Unlike spot crypto prices on exchanges, which can vary significantly, traditional financial markets rely heavily on standardized reference rates.

Half a million individuals are estimated to have left HK since 2021.

Why This Matters

Hong Kong seeks to reclaim its financial leadership by strategically embracing crypto.

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