BitgetX, a cryptocurrency exchange, has become a member of the Hong Kong Virtual Assets Alliance (HKVAC), an organization that offers rating services and indices for cryptocurrencies, according to an announcement on July 4. HKVAC, launched on May 31 with H uobi as its first member, plans to create two indices. The Crypto Large Cap Index will consist of the top 30 cryptocurrencies by market capitalization, based on 7-day median and other criteria, with quarterly rebalancing. Additionally, an index based on cryptocurrency risk ratings will be introduced in the future. HKVAC founding member Fiona Fan expressed gratitude for BitgetX's support and highlighted their shared goal of promoting the long-term development of Hong Kong's virtual asset industry, including establishing regulatory management standards for trading p platforms.
The collaboration between BitgetX and HKVAC aims to enhance transaction quality, provide improved risk management services for investors, and create a secure trading environment. BitgetX reaffirmed its commitment to obtaining the Virtual Asset Licensing System (VASP) from the Hong Kong Kong Securities and Futures Commission. This new regulatory license system was implemented in the special administrative region on June 1. Patrick Pan, co-founder and CEO of BitgetX, emphasized their dedication to building a compliant and secure digital asset ecosystem for the global market, with a specific focus on promoting the Web3 industry in Hong Kong.
Hong Kong has been actively driving the adoption of Web3 technologies for several years. Recently, the special administrative region established a Web3 Task Force, led by Financial Secretary Paul Chan Mo-po, with Siu Yat, CEO of Animoca Brands, as one of the founding members.
