Hong Kong Expands Crypto Reach

If you didn't know Hong Kong is not really a part of China directly. Instead is a arm of it in which its allowed to operate on it's own with it's own laws, rules and regulations. Or at least that's how it's suppose to be. However China continues to infringe on this more and more over the years. One thing we often notice out of these area of the world is that Hong Kong has been rather pro crypto offering up a way for the Chinees people to get into crypto more with ETFs etc.

Hong Kong is now rumored to be releasing a "crypto index" in November of this year only a few days away now.

It's aim is to provide a reliable index for both Bitcoin and for Ethereum and it's aim is to "reinforce Hong Kong's role as an international financial center" per the companies CEO releasing the indexes.

The interesting part of this Index is it seems like it will trade only within normal trading. The index takes the 24-hour volume weighted reference spot price of Bitcoin and Ethereum and setting the products daily at 4pm Hong Kong time.

All of this means we could see some major reference in terms of adoption of crypto assets on that side of the world. Will it play a big impact we will have to see and try and filter it out with the 2024 USA elections that will be happening at roughly the same time.