Hong Kong Exchange Expands Virtual Asset Market With New Initiatives

According to PANews, the Hong Kong Stock Exchange has released its 2024 review, highlighting significant growth in the virtual asset sector. The market for exchange-traded products (ETPs), including ETFs and leveraged and inverse products, has expanded, with the average daily trading volume reaching 18.7 billion yuan by the end of November, marking a 34% increase compared to the same period in 2023. This year, Hong Kong saw the listing of its first covered call options ETF and Asia's first virtual asset spot ETF, enhancing the diversity of ETP products and boosting market liquidity, leading to the listing of 36 new ETFs. Additionally, the Hong Kong Stock Exchange has announced plans to digitize and automate the physical subscription and redemption mechanism for ETPs to improve market efficiency and stimulate continued growth in secondary market activities. The exchange has also introduced the Hong Kong Stock Exchange Virtual Asset Index Series, providing a reliable benchmark price for the rapidly emerging asset class of virtual assets, supporting Hong Kong's development as a leading digital asset hub.