Hong Kong Virtual Assets Consortium launched with Huobi as first member

Huobi has go the archetypal subordinate of the Hong Kong Virtual Assets Consortium (HKVAC), the Seychelles-based cryptocurrency speech announced connected May 31. The caller enactment promises to supply a ratings work and indexes erstwhile it is afloat launched.

The caller enactment is debuting astatine a important moment, arsenic retail cryptocurrency trading begins successful Hong Kong nether caller regulations connected June 1. Huobi has already launched its Huobi Hong Kong speech to enactment successful the caller marketplace. According to Huobi:

“[HKVAC] was established chiefly to heighten the industry’s capabilities successful information hazard absorption and to assistance the Central Government and Hong Kong’s section authorities successful gathering a world-leading hub for virtual plus and integer finance.”

Huobi itself “aims to make a task superior database that caters to the needs of the market” by participating successful the HKVAC.

Related: Huobi Global ordered to halt operations successful Malaysia

The HKVAC website included lone “illustrative” information astatine the clip of writing. Still, it is acceptable up to supply ratings of integer plus exchanges of AAA done D based connected continuous surveillance of 9 criteria of trustworthiness.

The HKVAC volition besides nutrient 2 indexes. The Cryptocurrency Large Market Cap Index volition beryllium based connected the 30 highest capitalized cryptocurrencies according to a seven-day median, with different criteria and quarterly rebalancing. There volition besides beryllium a Cryptocurrency Risk Rating Based Index.

Local quality outlet PANews said different partners successful the HKVAC see FrancXav Asia Ratings, G-Rocket Global Accelerator, Hong Kong Data Infinity Technology, HKVAEX, Ipollo, KuCoin, LK Venture, Nano Labs, Purise and Wealthking Investment Limited.

The caller regulatory authorities successful Hong Kong has acceptable disconnected a unreserved of applications for trading licenses. Two different manufacture groups — Hong Kong Licensed Virtual Assets Association and Web3 Harbour — were besides launched this week.

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