Hong Kong Virtual Assets Consortium (HKVAC) announced its official launch. The organization aims to promote Hong Kong as the world's largest and safest virtual asset market, offers credit rating for virtual asset exchanges and exchange-traded products, virtual asset indices, and provides investor education.
HKVAC's indices include Cryptocurrency Large Market Cap Index and Cryptocurrency Risk Rating Based Index. The former aims to represent the value of large virtual assets, including 30 eligible cryptocurrencies with the highest market cap. The influence of digital currencies in the index is in line with their actual influence in the market. The latter aims to represent the value of lower-risk cryptocurrencies, weighing the performance of each virtual asset with risk taken into account.
HKVAC's rating services aim to reflect the reputation of all trading platforms, which helps reduce information asymmetry between market participants and promotes fair competition. In addition, it will help promote transparency and accountability in cryptocurrency trading market. The rating system includes entity rating as well as continuous surveillance.
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