The Hong Kong Virtual Assets Consortium launched with Huobi as its first member

Huobi has joined the Hong Kong Virtual Assets Consortium (HKVAC), becoming its first member, according to an announcement by the cryptocurrency exchange based in Seychelles on May 31. Once fully launched, the organization aims to provide a rating service and indexes. The timing of the launch is significant, as retail cryptocurrency trading begins in Hong Kong under new regulations on June 1. Huobi has already established its Huobi Hong Kong exchange to participate in the new marketplace. According to Huobi:

“[HKVAC] was established primarily to enhance the industry’s capabilities in security risk management and to assist the Central Government and Hong Kong’s local authorities in building a world-leading hub for virtual asset and digital finance.”

Huobi intends to develop a venture capital database that caters to the needs of the market by participating in the HKVAC.

Related: Huobi Global ordered to halt operations in Malaysia

The HKVAC website only included illustrative data at the time of writing. However, the organization is set up to provide ratings of digital asset exchanges on a scale of AAA to D based on continuous surveillance of nine criteria of trustworthiness.

The HKVAC will also produce two indexes: the Cryptocurrency Large Market Cap Index, based on the 30 highest capitalized cryptocurrencies according to a seven-day median, with other criteria and quarterly rebalancing, and the Cryptocurrency Risk Rating Based Index.

According to local news outlet PANews, other partners in the HKVAC include 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 new regulatory regime in Hong Kong has prompted a surge in applications for trading licenses. Two other industry groups, the Hong Kong Licensed Virtual Assets Association and Web3 Harbour, were also launched this week.

Magazine: Hong Kong crypto frenzy, DeFi token surges 550%, NBA China NFTs — Asia Express

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