•HKVAC launches virtual asset index featuring major cryptocurrencies and diverse tokens.
•Controversy arises over inclusion of certain tokens in the index.
•Supported by prominent entities, the index aims to represent the virtual asset market as per SFC guidelines.
HKVAC Launches Comprehensive Virtual Asset Index
The Hong Kong Virtual Asset Classification (HKVAC) has recently unveiled its comprehensive virtual asset index, which encompasses major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as a diverse range of stablecoins and altcoins. Supported by prominent entities, such as Hong Kong legislators Johnny Ng, and renowned exchanges Huobi and KuCoin, this institution is aimed at monitoring and influencing the digital asset space.
Inclusions Spark Controversy
Despite its broad representation, the index has not been without controversies. The inclusion of platform tokens, privacy tokens, and a significant number of tokens labeled as securities by the US Securities and Exchange Commission (SEC) has stirred up a heated debate within the Hong Kong crypto community.
Major Cryptocurrencies Included
The newly launched index by HKVAC includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), 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 amongst others.
Hoping To Represent Market As Per SFC Guidelines
By launching this comprehensive virtual asset index , HKVAC hopes to represent the virtual asset market according to the guidelines set forth by Hong Kong’s Securities and Futures Commission (SFC). This would allow investors to make better decisions when it comes to investing in digital assets in accordance with existing laws surrounding cryptocurrency investments in Hong Kong.
Conclusion
The launch of this new comprehensive virtual asset index aims to bring transparency into the cryptocurrency industry in Hong Kong while paving way for more informed investment decisions from investors based on their awareness of current regulations surrounding crypto investments. Despite some controversy around certain token selections included in this index it will be interesting to see how this initiative affects crypto markets over time.