BitgetX, a fully compliant digital asset trading platform headquartered in Hong Kong, has announced a strategic partnership with the Hong Kong Virtual Asset Consortium (HKVAC), an independent institution that provides digital asset indices and ratings for exchanges. This collaboration aligns with BitgetX’s goal to satisfy the requirements for obtaining the Hong Kong Securities and Futures Commission (SFC) license, particularly in providing digital assets to clients.
This partnership will enable BitgetX to meet the minimum standards for digital assets, which require inclusion in at least two recognized indices.
Patrick Pan, BitgetX’s co-founder and CEO, further stated, “At BitgetX, we strive to not just be a part of the crypto industry, but to shape and drive its future. We are dedicated 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. This forms a core part of our mission.”
Fiona Fan, founding member of HKVAC, said: “HKVAC is honored to receive support from BitgetX by becoming one of our founding members. With the collective goal from both parties to collaborate and promote the long-term development of the virtual asset industry in Hong Kong, including the crafting of regulatory management standards of trading platforms, improving the quality of transactions, and providing better risk management services for investors, as well as creating a secure trading environment, HKVAC and BitgetX will work closely together in the future to further bolster Hong Kong’s virtual asset industry.”
As digital assets continue to grow and attract global investors, the Hong Kong Special Administrative Region Government has issued a policy statement on the development of digital assets in Hong Kong. The government recognizes the potential of Distributed Ledger Technology (DLT) and Web3 as future trends in finance and commerce, provided they are properly regulated.
In response to this market development and future regulatory direction, the establishment of HKVAC aims to create a healthy environment for the digital asset industry. HKVAC operates as an independent and professional credit institution for the industry, providing credit ratings for digital assets, particularly for cryptocurrency exchanges and all actively traded cryptocurrencies.
BitgetX’s partnership with HKVAC is a testament to its commitment to promoting the healthy development of the digital asset industry in Hong Kong. By adhering to the principles of fairness for industry practitioners and providing necessary services such as fraud detection mechanisms, BitgetX is poised to restore investor confidence in the digital asset market and contribute to the healthy growth of the digital and digital asset industry.
In addition to the partnership, BitgetX recently participated in the Hong Kong Handover Anniversary Event as part of the Web3 zone, organized by Web3Hub. The event, held from June 30 to July 2 this year, attracted between 50,000 to 100,000 attendees over its three-day duration. The event also attracted a few government officials on the first day, highlighting the growing interest and recognition of the Web3 industry from the public sector. Other sponsors in the Web3 zone included Foresight Venture and HKVAC.
Headquartered in Hong Kong, BitgetX is a fully compliant digital asset trading platform. It offers customers worldwide compliant trading, custody, and technical solutions. BitgetX is committed to creating a Web3 and digital asset ecosystem for the global market. Since its inception in mid-April 2023, BitgetX has been operating in compliance with Hong Kong regulations, providing safe, legal, and efficient trading services for Hong Kong-based customers. The platform is excited to expand its services globally. Composed of experts from top financial institutions, internet companies, and fintech, the founding team aspires to build a global trading platform with a robust licensing footprint, committed to providing users with the best technological services on the market.
The Hong Kong digital asset Consortium (HKVAC) is an independent institution that provides digital asset indices and ratings for exchanges. HKVAC aims to promote the healthy development of the digital asset industry in Hong Kong by providing credit ratings for digital assets and offering necessary services such as fraud detection mechanisms.