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- The compilation includes the 30 largest cryptocurrencies, featuring BTC and ETH.
- Binance CEO Changpeng Zhao appeared to express satisfaction with this recent advancement.
Significant advancements have seemingly occurred in the cryptocurrency sector as the Hong Kong rating agency HKVAC released its virtual asset index. The compilation includes the 30 largest cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). This follows HSBC’s recent choice to permit Hong Kong residents to invest in Bitcoin and Ethereum ETFs listed on the Hong Kong exchange.
As reported by crypto journalist Colin Wu, the listed tokens encompass various platform tokens alongside privacy tokens. Meanwhile, the compilation features several cryptocurrencies categorized as “Securities” in the United States by the SEC. He further noted that the local population in Hong Kong views the benchmark as insufficiently high.
The Hong Kong rating agency HKVAC unveiled its virtual asset index, which includes BTC, ETH, stablecoins like 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
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Straightforward Criteria
This index was not initiated by the Hong Kong government, but it has the support of lawmaker Johnny Ng, along with Huobi, KuCoin, and others. A stipulation that retail tradable tokens must be included in at least two indexes was raised by the Hong Kong Securities and Futures Commission (SFC). Nevertheless, the HKVAC crypto index adheres to relatively simple criteria. It ranks the 30 largest token markets.
Binance CEO Changpeng Zhao appeared to express satisfaction with this recent advancement. The phrase “HK moving forward” was among his latest remarks regarding this development.
In light of the recent establishment of new cryptocurrency regulations in Hong Kong, Circle Internet CEO Jeremy Allaire is closely monitoring regulatory shifts. Cryptocurrency firms continue to place significant emphasis on the Asian market, especially as the United States intensifies its regulatory efforts.
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