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- HKVAC, the Hong Kong Virtual Asset Consortium, has announced the inclusion of Vechain (VET) into its Large Cryptocurrency Index, a significant step for VET’s future adoption.
- This move comes amidst Hong Kong’s endeavors to become a global blockchain hub, with forthcoming regulation changes anticipated to expand cryptocurrency purchase opportunities to Hong Kong citizens by the latter half of 2023.
Known for fostering innovation and technological advancement, Hong Kong has been steadily focusing on becoming a central hub for blockchain technology. The investment in cryptocurrencies, which has been limited to institutional investors in the China region since 2018, is expected to become accessible to Hong Kong citizens in the second half of 2023, as new regulations take effect.
VeChain x HKVAC
HKVAC, a virtual asset rating agency in Hong Kong, announced today that VeChain $VET will be included in the "HKVAC Large Cryptocurrency Index" alongside $BTC, $ETH, and several others. 👏#VeChain $VET #Crypto #Bitcoin #Ethereum #Cryptocurrency #Tech #HongKong https://t.co/6dye9Gkr47 pic.twitter.com/jFsTRrL2tY
— eisenreich (@eisenreich) June 27, 2023
With this progressive change in sight, numerous virtual asset platforms are gearing up for their Hong Kong debut. One such entity contributing to this growth is the Hong Kong Virtual Asset Consortium (HKVAC), a service provider instrumental in various Hong Kong enterprises. HKVAC aspires to elevate Hong Kong as the world’s leading and safest virtual asset market by providing meticulous research and ratings on virtual assets like cryptocurrencies.
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To make cryptocurrency investment more accessible, HKVAC is creating what are known as crypto indexes. These indexes consist of a variety of cryptocurrencies and track their performance, allowing investors to gain exposure to multiple cryptocurrencies through a single investment product.
In an exciting development, HKVAC revealed that Vechain (VET) would be included in its Large Cryptocurrency Index, standing alongside other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
The inclusion of a cryptocurrency in this influential index is dictated by a stringent selection process. Every quarter, HKVAC chooses the 30 largest cryptocurrencies based on market capitalization, each meeting specific requirements. These criteria include a market cap exceeding $10 million, a daily trading volume over $100,000, public trading status, and the exclusion of stablecoins.
VET’s inclusion in this index signifies a crucial advancement in its adoption as a smart payment currency, as it exposes the asset to a broad investor base. However, the exact launch date of the Large Cryptocurrency Index remains undisclosed. As this milestone for Vechain unfolds, the ripple effects on its adoption and valuation will be closely watched in the world of virtual assets.
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