The Hong Kong Exchange (HKEX) revealed on Tuesday its plans to launch “Diamond,” a trading platform to pilot digital assets in 2022.
See related article: China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center
Fast facts
- Diamond is placing its initial focus on product offerings related to environmental, social and government values.
- HKEX has not specified the inclusion of cryptocurrencies in its upcoming pilot.
- Diamond will be powered by emerging technologies including blockchain, smart contracts and cloud computing.
- HKEX is the third-largest stock exchange in Asia by market capitalization, and Hong Kong was the fourth most popular market for initial public offerings in 2021, a slip from the top three due to China’s clampdown on tech firms, according to KPMG.
- China’s tech companies are expected to set up bases in Hong Kong in 2022, as HKEX plans to strengthen its role as the bridge from the world to the mainland.
See related article: Hong Kong to propose bill to license crypto exchanges