In a significant development for the cryptocurrency market, Hong Kong-based rating agency HKVAC has launched a new index for virtual assets.
In addition to popular currencies like Bitcoin (BTC) and Ethereum (ETH), this index includes a range of stablecoins such 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.
HKVAC is supported by prominent industry players such as Hong Kong legislators Johnny Ng, Huobi, KuCoin, and others. However, there is an ongoing debate within the Hong Kong community regarding the index’s true reference value.
This debate arises from the inclusion of platform tokens, privacy tokens, and numerous tokens classified as securities by the US Securities and Exchange Commission (SEC) in the index.
The Hong Kong SFC requires retail-tradable tokens to be included in at least two indices. While this index is not government-controlled, its criteria for judgment are clear, focusing on the top 30 cryptocurrencies based on market capitalization.
Through this ambitious initiative, HKVAC aims to provide a comprehensive overview of the market, even though its value as a reference point continues to be discussed among local experts.
Compiled by Coinbold