BitgetX Joins HKVAC, Paving the Way for Regulatory Standards and Secure Trading

BitgetX Joins Hong Kong Virtual Asset Consortium

According to a recent announcement, BitgetX, a cryptocurrency exchange, has become a member of the Hong Kong Virtual Asset Consortium (HKVAC). The HKVAC offers rating services and indexes to cryptocurrencies. The consortium was launched in May with Huobi as its first member and plans to produce two indexes: the Cryptocurrency Large Market Cap Index and the Cryptocurrency Risk Rating Based Index. BitgetX’s support will help promote the long-term development of the virtual asset industry in Hong Kong and establish regulatory management standards for trading platforms.

Key Points:

– BitgetX has joined the Hong Kong Virtual Asset Consortium (HKVAC).
– The HKVAC provides ratings services and indexes to cryptocurrencies.
– The consortium plans to create two indexes: the Cryptocurrency Large Market Cap Index and the Cryptocurrency Risk Rating Based Index.
– BitgetX’s support will help improve transaction quality, provide better risk management services, and create a secure trading environment.
– BitgetX is dedicated to obtaining a Virtual Asset Licensing Regime (VASP) with Hong Kong’s Securities and Futures Commission.

Hong Kong’s Commitment to Web3 Technologies

Hong Kong has been actively promoting the adoption of Web3 technologies. To further this effort, the special administrative region established a Web3 task force led by Financial Secretary Paul Chan. Yat Siu, CEO of Animoca Brands, is one of the founding members of the task force. This commitment demonstrates Hong Kong’s dedication to fostering a compliant and secure digital asset ecosystem, with a particular focus on promoting the Web3 industry within the region.

Hot Take:

BitgetX joining the Hong Kong Virtual Asset Consortium is a significant step towards promoting the development and regulation of the virtual asset industry in Hong Kong. By collaborating with other members of the consortium, BitgetX aims to improve transaction quality, enhance risk management services, and create a secure trading environment. Additionally, Hong Kong’s commitment to Web3 technologies showcases its determination to stay at the forefront of innovation in the digital asset space. This partnership sets a positive example for other exchanges and highlights the importance of regulatory standards in the cryptocurrency industry.