The Hong Kong Virtual Asset Rating Agency (HKVAC) Announces Index Adjustments
The Hong Kong Virtual Asset Rating Agency (HKVAC) has released the results of its latest index adjustments, which will come into effect on Jan. 19. These adjustments impact various cryptocurrency indices maintained by HKVAC.
Changes in the Global Large Cryptocurrency Index
The HKVAC global large cryptocurrency index has made several additions and removals. The index has added Internet Computer (ICP), Near (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX). Meanwhile, TrueUSD (TUSD), Binance USD (BUSD), Hedera (HBAR), Filecoin (FIL), and MakerDAO (MKR) have been removed.
Changes in the Top 5 and Top 10 Indices
The HKVAC global large cryptocurrency top 5 index and weighted index will now include Solana (SOL) instead of Ripple (XRP). Additionally, the HKVAC Global Large Cryptocurrency Top 10 Index and Weighted Index will add Avalanche (AVAX) while bringing back Tron (TRX).
Previous Adjustments and Skepticism
In a previous adjustment in October 2023, HKVAC replaced USD Coin (USDC) with XRP in the HKVAC Cryptocurrency Global Large Top 5 Index. Other changes included the addition of HBAR, MKR, and Quant (QNT), as well as the removal of Cryptonex (CNX), ICP, and HEX tokens.
While HKVAC aims to provide a comprehensive representation of virtual assets in Hong Kong with the support of influential figures, some skepticism exists within the local community. Concerns have been raised regarding the index’s benchmark, particularly its inclusion of platform tokens, privacy tokens, and tokens classified as securities by the U.S. Securities and Exchange Commission (SEC).
Hong Kong’s Crypto Hub Ambitions
In 2022, Hong Kong expressed its ambition to become a global crypto hub. The authorities have initiated the development and integration of their stablecoin into the economy, primarily focusing on enhancing payment experiences across industries and businesses. Simultaneously, the government is dedicated to strengthening specialist training for the Web3 industry.
Hot Take: HKVAC Announces Index Adjustments to Reflect Cryptocurrency Landscape
The Hong Kong Virtual Asset Rating Agency (HKVAC) has made important adjustments to its cryptocurrency indices, aiming to provide an accurate representation of the virtual asset landscape in Hong Kong. These changes include additions and removals from various indices, reflecting the evolving nature of cryptocurrencies. However, concerns have been raised about the index’s benchmark and its inclusion of certain tokens. Despite this skepticism, Hong Kong continues to pursue its goal of becoming a global crypto hub by developing its stablecoin and investing in specialist training for the Web3 industry.
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