The Hong Kong Virtual Asset Consortium was established on May 31 to create indices and rating services for cryptocurrencies.
According to a July 4 announcement, BitgetX, the Hong Kong subsidiary of cryptocurrency exchange Bitget, has joined the Hong Kong Virtual Asset Consortium (HKVAC), which provides ratings services and indices to cryptocurrencies.
Launched on May 31 with Huobi as its inaugural member, the HKVAC will produce two indices. The Cryptocurrency Large Market Cap Index will be based on the 30 highest capitalized cryptocurrencies according to a seven-day median, with other criteria and quarterly rebalancing. There will also be a Cryptocurrency Risk Rating Based Index in the future. Fiona Fan, founding member of HKVAC, commented:
“KVAC is honored to receive support from BitgetX by becoming one of our founding members. The collective goal from both parties to collaborate and promote the long-term development of the virtual asset industry in Hong Kong includes the crafting of regulatory management standards of trading platforms.”
Other points for collaboration include improving the quality of transactions and providing better risk management services for investors, as well as “creating a secure trading environment.”
Parallel to the news, BitgetX reiterated its commitment to obtain a Virtual Asset Licensing Regime (VASP) with Hong Kong’s Securities and Futures Commission. The new regime for regulatory license was enacted in the Special Administrative Region on June 1. Patrick Pan, co-founder and CEO of BitgetX, said: “We are dedicated to fostering a compliant and secure digital asset ecosystem for the global market, with a special focus on promoting the Web3 industry in Hong Kong.”
Hong Kong has been actively promoting the adoption of Web3 technologies over the years. Recently, the Special Administrative Region established a Web3 Task Force headed by Financial Secretary Paul Chan, with Yat Siu, CEO of Animoca Brands, joining as one of its founding members.
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