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Hong Kong Rating Agency HKVAC Publishes Virtual Asset Index

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Hong Kong Rating Agency HKVAC Publishes Virtual Asset Index

Hong Kong Rating Agency HKVAC Publishes Virtual Asset Index

  • The list comprises the 30 biggest cryptocurrencies, including BTC and ETH.
  • Binance CEO Changpeng Zhao seemed to be pleased with this new development.

Major progress was apparently made in the crypto sector as the Hong Kong rating agency HKVAC published its virtual asset index. The list comprises the 30 biggest cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This follows HSBC’s recent decision to allow Hong Kong residents to invest in Bitcoin and Ethereum ETFs listed on the Hong Kong exchange.

According to crypto journalist Colin Wu, the mentioned tokens include several platform tokens as well as privacy tokens. In the meanwhile, the list contains several cryptocurrencies classified as “Securities” in the United States by SEC. He continued by saying that the locals in Hong Kong consider the benchmark to be too low.

Hong Kong rating agency HKVAC announced its virtual asset index, in addition to BTC ETH stablecoins, including WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS.…

— Wu Blockchain (@WuBlockchain) June 27, 2023

Straightforward Criteria

The Hong Kong government did not initiate this index, but it has the backing of lawmaker Johnny Ng, as well as Huobi, KuCoin, and others. A requirement that retail tradable tokens be included in at least two indexes was brought up by the Hong Kong Securities and Futures Commission (SFC). However, HKVAC crypto index follows rather straightforward criteria. It provides a ranking of the 30 largest token markets.

Binance CEO Changpeng Zhao seemed to be pleased with this new development. The phrase “HK moving forward” was among his last comments on this development.

In light of the recent introduction of new crypto laws in Hong Kong, Circle Internet CEO Jeremy Allaire is keeping a careful watch on regulatory changes. Crypto firms continue to put a large focus on the Asian market amid the fact that the United States is ramping up its regulatory assault.

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USDC Stablecoin Issuer Circle Eyes Foothold in Hong Kong

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