What Is the HKVAC?
- The HKVAC is a non-governmental consortium supporting the promotion of Hong Kong as the world’s largest and safest virtual asset market.
- The top 30 tokens by market cap are used to judge tokens for inclusion in the HKVAC’s virtual asset index.
- The HKVAC aims to provide an index and benchmark, investor research, and data products to the market.
- The HKVAC also plans to offer ancillary services like fraud detection mechanisms and other necessary products and services for the industry.
- Although their website is still under construction, they have released their first index which includes platform tokens, privacy tokens, and tokens listed as securities by the SEC.
Tokens listed by the HKVAC
- wBTC – wrapped Bitcoin
- BTCB – A stablecoin backed by BTC reserves
- stETH – The liquid staking token for staking ETH with Lido Finance
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Binance Coin (BNB)
- Polygon (MATIC)
- Cardano (ADA)
- Cosmos Hub (ATOM)
- Filecoin (FIL)
- Near (NEAR)
- Algorand (ALGO)
- Internet Computer (ICP)
- Ripple (XRP)
- Dogecoin (DOGE)
Hot Take
Hong Kong’s acceptance of license applications for crypto exchanges and the launch of the HKVAC’s virtual asset index show its efforts to establish itself as a global cryptocurrency hub. While the HKVAC is a non-governmental institution, its index serves as a step in the right direction for promoting Hong Kong’s virtual asset market. It will be interesting to see the impact and relevance of the index in the industry. Stay tuned for Part 2 of this series.
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