BitgetX, the Hong Kong division of cryptocurrency exchange Bitget, joined the Hong Kong Virtual Asset Consortium (HKVAC), which offers rating services and indexes to cryptocurrencies.
The HKVAC, established on May 31 with Huobi as its first member, will create two indices. A seven-day median, additional criteria, and quarterly rebalancing will be used to determine the 30 cryptocurrencies with the largest market caps for the Cryptocurrency Large Market Cap Index.
A Cryptocurrency Risk Rating Based Index will also exist in the future. A founder member of HKVAC, Fiona Fan, said:
“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 areas where cooperation is needed include raising the standard of transactions, giving investors better risk management services, and “creating a secure trading environment.”
In addition to the news, BitgetX reaffirmed its commitment to working with Hong Kong’s Securities and Futures Commission to achieve a Virtual Asset Licensing Regime (VASP).
On June 1, the new regulatory license system was enacted in the unique administrative region. “We are committed 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,” stated Patrick Pan, co-founder and CEO of BitgetX.
Over the years, Hong Kong has actively pushed to adopt Web3 technology. Yat Siu, CEO of Animoca Brands, recently joined as one of the task force’s founding members. The special administrative region established the task force and is chaired by Financial Secretary Paul Chan.
