In an exciting move for the cryptocurrency market, Hong Kong-based rating agency HKVAC has released a new virtual asset index.
Beyond established currencies like Bitcoin (BTC) and Ethereum (ETH), this index features an array of 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.
HKVAC enjoys backing from key players in the industry, including Hong Kong legislators Johnny Ng, Huobi, KuCoin, and others. Despite this, there’s an ongoing debate in the Hong Kong community about the index’s actual reference value.
This debate arises from the inclusion of platform tokens, privacy tokens, and numerous tokens listed as securities by the US Securities and Exchange Commission (SEC) in the index.
The Hong Kong SFC mandates that retail-tradable tokens be included in at least two indices. Although this index is non-governmental, its judging criteria are straightforward, focusing on the top 30 cryptocurrencies by market capitalization.
Also Read: HSBC Hong Kong Offers Bitcoin and Ethereum ETF to Clients
With this bold initiative, HKVAC seeks to provide a comprehensive overview of the market, even if its value as a reference continues to be debated among local experts.
