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Hong Kong rating agency HKVAC has recently announced its virtual asset index. The index includes a range of virtual assets such as Bitcoin (BTC), Ethereum (ETH), stablecoins, as well as 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, and EOS.
The news was revealed by Chinese reporter Colin Wu, popularly Wu Blockchain on Twitter.
Supported by influential figures such as Hong Kong legislators Johnny Ng, Huobi, KuCoin, and others, HKVAC aims to provide a comprehensive representation of virtual assets in Hong Kong. However, there has been some skepticism within the Hong Kong community regarding the index's reference value due to the inclusion of platform tokens, privacy tokens, and numerous tokens classified as securities by the US Securities and Exchange Commission (SEC).
The Securities and Futures Commission (SFC) of Hong Kong mandates that retail-tradable tokens must be included in at least two indices. While HKVAC is not a governmental institution, it fulfills this requirement and employs a straightforward criterion for its index composition, selecting the top 30 tokens based on market capitalization.
The introduction of the HKVAC has been well-received by prominent figures in the cryptocurrency industry. Changpeng Zhao, the CEO of Binance, expressed his support on Twitter, acknowledging the development as a positive step forward. Similarly, Justin Sun, the founder of Tron, also took to Twitter to praise the initiative, highlighting Hong Kong’s demonstrated commitment to providing a secure environment for cryptocurrency enterprises.
Despite concerns within the Hong Kong community regarding the inclusion of certain tokens that have raised regulatory scrutiny, HKVAC's latest initiative signifies an important milestone in Hong Kong's engagement with the crypto industry.