Web3 firms in Hong Kong are spending substantial amounts to obtain Virtual Asset Licensing Regime (VASP) licenses, highlighting the industry’s commitment to compliance and regulation. However, high licensing costs may deter smaller firms from entering the market, potentially stifling innovation and limiting competition in blockchain and cryptocurrency sectors.
Search Results for: HKVAC
Hong Kong’s Virtual Asset Index: Boon for Crypto Adoption or Gateway to Volatility?
Hong Kong rating agency HKVAC announced its virtual asset index, including Bitcoin, Ethereum, and the largest 30 cryptos. This follows HSBC’s support for trading BTC and ETH futures ETFs, potentially driving mainstream adoption, yet also raising concerns about volatility, risk, and regulatory scrutiny.
Huobi Expansion in Hong Kong: Boon for Crypto Adoption or Increased Government Control?
Crypto exchange Huobi expands in Hong Kong, offering crypto spot trading and virtual asset custody services. This follows their application for a virtual asset exchange license, in line with Hong Kong’s new regulatory framework for digital asset exchanges effective June 1.
Hong Kong Virtual Assets Consortium: Huobi’s First Steps & Impact on Crypto Security
The Hong Kong Virtual Assets Consortium (HKVAC) aims to strengthen the security risk management of the crypto sector and assist authorities in developing a premier hub for digital finance. Huobi has joined as its first member, establishing a venture capital database to cater to market needs. Providing reliable ratings and indexes, HKVAC will facilitate safer investments for the growing crypto community.