By
Temitope Olatunji
April 18th, 2024
Huobi was named among other Web3 startups by the Hong Kong Virtual Asset Consortium (HKVAC) to help establish a virtual asset index and a virtual asset exchange rating.
Bitcoin, Ethereum, and other top digital assets are slowly creeping into the Eastern Asia market as demand rises amid high inflation. In the latest developments, Hong Kong, a major global financial hub with more than 7.4 million residents, has implemented crypto-friendly policies to help attract investors in the nascent digital asset industry. As the fifth month of 2023 came to an end, veteran cryptocurrency exchange Huobi announced the launch of Huobi Hong Kong to drive the adoption of Web3 in one of the most developed cities in the world.
Interestingly, Huobi was named among other Web3 startups by the Hong Kong Virtual Asset Consortium (HKVAC) – a virtual asset rating agency – to help establish a virtual asset index and a virtual asset exchange rating. Notably, Huobi will be joining forces with the likes of 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 to provide a detailed crypto index in Hong Kong.
As a result, crypto investors in Hong Kong can have an independent rating for the top 30 digital assets with a set quarterly review on the index. Starting from June 1, Huobi Hong Kong will offer users an option to invest in top digital assets like Bitcoin, and Ethereum among others that have already gained global reputation.
“Regulation of Web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale. Huobi will continue to collaborate with regulatory authorities in Hong Kong to support the development of a vibrant Web3 hub,” a Huobi representative noted.
Bigger Picture of Huobi in Hong Kong
Hong Kong neighbors one of the most populous countries in the world, China, which ostensibly happens to have banned the use of cryptocurrencies. However, China has recently been slowly adopting digital assets through the rollout of the digital yuan. Additionally, traditional financial institutions in China have been investing in Web3 startups throughout Hong Kong following the announcement of the friendly digital asset regulatory framework.
Huobi crypto exchange is one of the oldest centralized exchanges (CEX) in the digital asset industry having been founded in 2013 to replace Mt. Gox. Currently, Huobi is available across five continents in more than 160 countries with a 24-hour self-reported trading volume of about $3,033,657,656. Moreover, the exchange takes pride in more than 45 million global registered users who actively participate in spot, futures, and Huobi earn products.
The exchange is, however, looking at major growth prospects in the future having launched in Hong Kong early enough to attract some Chinese investors too.