The Hong Kong Virtual Assets Consortium (HKVAC) has introduced the HKVAC index, which includes XRP, SHIB, and ADA among its recognized cryptocurrencies. This index evaluates 30 digital assets, with market capitalization being the main criterion for evaluation. The goal is to provide investors and regulators with a reliable benchmark to assess the performance and risks associated with virtual assets. The index has two versions, one based on market capitalization and the other incorporating risk ratings. Bitcoin, ethereum, and stablecoins have been excluded, and strict criteria for inclusion have been imposed. Hong Kong is emerging as a strong contender in the race to attract web3 technologies and digital asset companies. Cyberport, a leading technology hub in Hong Kong, has seen significant growth and currently hosts over 1,900 community enterprises. Hong Kong Legislative Council member Johnny Ng invited Coinbase and other global virtual asset trading operators to apply in a tweet.
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