In an announcement on July 4, BitgetX, the Hong Kong subsidiary of Bitget cryptocurrency exchange, has become a member of the Hong Kong Virtual Asset Consortium (HKVAC). HKVAC, established on May 31 with Huobi as its inaugural member, focuses on providing rating services and indices for cryptocurrencies. The consortium plans to develop two indices—the Cryptocurrency Large Market Cap Index and the upcoming Cryptocurrency Risk Rating Based Index.
BitgetX’s decision to join HKVAC underscores its commitment to strengthen the virtual asset industry in Hong Kong. Fiona Fan, a founding member of HKVAC, expressed gratitude for BitgetX’s support and highlighted the shared goal of developing regulatory management standards for trading platforms. Collaborative efforts will also include enhancing transaction quality, improving risk management services, and creating a secure trading environment.
Simultaneously, BitgetX reaffirmed its dedication to obtaining a Virtual Asset Licensing Regime (VASP) from Hong Kong’s Securities and Futures Commission. This regulatory license, enacted on June 1, demonstrates BitgetX’s commitment to establishing a compliant and secure digital asset ecosystem globally, with a specific focus on promoting the Web3 industry within Hong Kong.
Hong Kong has been actively promoting the adoption of Web3 technologies, evident through the establishment of a Web3 Task Force led by Financial Secretary Paul Chan. Yat Siu, CEO of Animoca Brands, is one of the founding members of this task force. The region’s emphasis on Web3 further supports BitgetX’s mission to contribute to the growth and development of the virtual asset ecosystem.
By joining HKVAC and pursuing a VASP license, BitgetX aims to align itself with industry standards, facilitate secure and regulated trading, and foster the long-term development of the virtual asset industry in Hong Kong. This move reflects the growing importance of regulatory compliance and risk management within the cryptocurrency sector.
Conclusion
Overall, BitgetX’s membership in HKVAC and its pursuit of an exchange license in Hong Kong indicate the company’s commitment to establishing a compliant and secure environment for digital asset trading. These developments contribute to the growth and regulation of the virtual asset industry while fostering the adoption of Web3 technologies in Hong Kong.