[PRESS RELEASE – Singapore, Singapore, May 31st, 2023]
Huobi announced that it became the first member of Hong Kong Virtual Asset Consortium (HKVAC). By joining HKVAC, an organization dedicated to providing credit ratings for crypto asset exchanges and trading products. Huobi aims to develop a venture capital database that caters to the needs of the market, actively engage in educating the public about crypto investments, and offer Hong Kong traders a “one-stop” crypto asset trading service. Ultimately, with Huobi Hong Kong (Huobi HK) as the pivot, Huobi is committed to supporting Hong Kong in its efforts to become a global Web3 hub.
HKVAC is said to be a collaboration of many crypto industry players, including exchanges, institutional investors, and Hong Kong-licensed rating agencies. It 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. At the same time, it commits itself to creating a safe, open and transparent environment for crypto asset investments under the guidance of “Hong Kong’s new crypto regulations.” It will also promote the acceptance and recognition of crypto assets by helping the public gain systematic, correct and secure knowledge about crypto investments.
As an exchange that always prioritizes “global security and compliance operations”, Huobi has maintained the best industry record of 100% functionality and no security incidents for ten years since its inception. Huobi will bring its expertise in security technology and its compliant, standardized processes to HKVAC as a reference. Together they can provide risk management indicators to investors in the industry and set strict rating standards to evaluate existing exchanges, so that more crypto investors can have a clear understanding of the risk level of their investments. This will accelerate the creation of a safe and friendly crypto environment in Hong Kong.
In addition, as a pioneer in establishing itself as a Web3 gateway, Huobi will join hands with HKVAC to continuously pursue multi-dimensional collaborations and advancements in technology, data, and ecosystem development. Together, Huobi and HKVAC will facilitate the application of Web3 infrastructure and build a bridge between the real world and the realm of Web3 to encourage wider acceptance and participation in Web3. These endeavors will drive the development of Hong Kong’s Web 3.0 industry and serve as the stepping stones on Hong Kong’s way to becoming a global hub for Web 3.0 (the third-generation Internet).
As previously reported, Huobi will officially launch Huobi HK. Starting June 1, Huobi HK is expected to deliver unparalleled trading experiences to Web3 users through its wide range of products. Users can trade cryptocurrencies like BTC, ETH, TRX, LTC, BCH, DOGE, SHIB, BTT, SOL, ADA, and other major cryptocurrencies listed in the independent index on Huobi HK.
A Huobi representative said that joining HKVAC will boost Huobi’s business in Hong Kong and lay the foundation for future operations that comply with laws and regulations. Meanwhile, Huobi intends to work with various parties in the industry to build the ecosystem of Web3 under the premise of policy compliance. It will start by establishing itself as a Web3 gateway to promote the development of Web3 in Hong Kong. Hopefully, Huobi will be granted a cryptocurrency trading license in Hong Kong in the near future, so that it can collaborate with the Hong Kong government, regulators, and other institutions to create a better crypto market in the region.
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. Huobi serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies – “global development, technology drives development, and technology for good” – underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.
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