Huobi was named among other Web3 startups by the Hong Kong Virtual Asset Consortium (HKVAC) to help establish the Virtual Asset Index and Virtual Asset Exchange Rating.
Bitcoin, Ethereum, and other top digital assets are slowly creeping into the East Asian market as demand grows amid high inflation. In the latest development, Hong Kong, a major global financial center with more than 7.4 million residents, has implemented crypto-friendly policies to help attract investors to the new digital asset industry. Veteran Cryptocurrency Exchanges As The Fifth Month Of 2023 Comes To An End Huobi Announced the launch of Huobi Hong Kong to drive Web3 adoption in one of the world’s most developed cities.
Interestingly, Huobi was named among other Web3 startups by Hong Kong Virtual Asset Consortium (HKVAC) – a virtual asset rating agency – to help establish the Virtual Asset Index and Virtual Asset Exchange Rating. Notably, Huobi will join hands with companies such as FrancXav Asia Ratings, G-Rocket Global Accelerator, Hong Kong Data Infinity Technology, HKVAEX, Huobi, Ipollo, KuCoin, LK Venture, Nano Labs, Purise, and Wealthking Investment Limited. Detailed crypto index in Hong Kong.
As a result, crypto investors in Hong Kong can obtain an independent rating for the top 30 digital assets with a scheduled quarterly review on the index. Starting June 1, Huobi will offer Hong Kong users the option to invest in top digital assets such as bitcoin and ethereum, which have already gained a global reputation.
“Regulation of Web3 in Hong Kong will contribute to the wider adoption of cryptocurrencies globally. Huobi will continue to cooperate with regulatory authorities in Hong Kong to support the development of a vibrant Web3 hub,” said a Huobi representative.
The big picture of Huobi in Hong Kong
Hong Kong is home to one of the most populous countries in the world, China, which has apparently banned the use of cryptocurrencies. However, China has been slowly adopting digital assets through the recent rollout of the digital yuan. Additionally, traditional financial institutions in China are investing web3 Startups across Hong Kong following the announcement of a friendlier digital asset regulatory framework.
The Huobi crypto exchange is one of the oldest centralized exchanges (CEX) in the digital asset industry, having been established in 2013 to replace it. mount gox, Currently, Huobi is available in over 160 countries across five continents, with a self-reported 24-hour trading volume of approximately $3,033,657,656. Furthermore, the exchange boasts over 45 million global registered users who actively participate in Spot, Futures and Huobi Earnings products.
However, the exchange is seeing major growth potential in the future as it is slated to launch in Hong Kong soon to attract some Chinese investors as well.
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