- Hong Kong Virtual Asset Classification (HKVAC) has launched a significant new virtual asset index, featuring 30 major cryptocurrencies including Bitcoin, Ethereum, DOGE and XRP.
- This move is supported by Hong Kong legislators, Huobi, KuCoin and other notable entities, signifying a significant leap for Hong Kong’s crypto sphere.
The global digital asset industry received a robust push with the Hong Kong Virtual Asset Classification (HKVAC) announcing the launch of its comprehensive virtual asset index. This includes 30 of the largest cryptocurrencies, highlighting Bitcoin (BTC), Ethereum (ETH), DOGE, and XRP, among others.
This advancement arrives in the wake of HSBC’s recent move, granting crypto enthusiasts in Hong Kong access to Bitcoin and Ethereum futures via Exchange Traded Funds (ETFs).
Respected crypto reporter, Colin Wu, revealed that the listed tokens encompass various platform tokens, privacy tokens, and a considerable number of cryptos labelled as “Securities” by the U.S. Securities and Exchange Commission (SEC). Wu noted, however, that the Hong Kong crypto community perceives the index’s reference value as low.
The illustrious list set forth by HKVAC comprises of 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, encapsulating the upper crust of the crypto market.
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It’s worth noting that this index is not a direct initiative of the Hong Kong government but is backed by influential Hong Kong legislators, as well as prominent crypto entities such as Huobi and KuCoin.
The Hong Kong Securities and Futures Commission (SFC) has indicated that retail tradable tokens must be incorporated into at least two indices. HKVAC’s index abides by a relatively straightforward criterion, spotlighting the top 30 tokens as determined by market capitalization.
This major leap for the digital asset industry in Hong Kong has not gone unnoticed. Changpeng Zhao, the Chief Executive Officer of Binance, the world’s leading crypto exchange, showed his enthusiasm on this development by stating, “HK moving forward”. This initiative marks a significant stride towards the widespread acceptance and incorporation of crypto assets in mainstream finance.
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