Hong Kong VAC’s Comprehensive Virtual Asset Index: What You Need To Know

The post Hong Kong VAC’s Comprehensive Virtual Asset Index: What You Need To Know appeared first on Coinpedia Fintech News

In a significant move to monitor and influence the digital asset space, the Hong Kong Virtual Asset Classification (HKVAC) has unveiled its long-awaited virtual asset index. This comprehensive index encompasses major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as a diverse range of stablecoins and altcoins.

However, the inclusion of certain tokens has raised eyebrows and sparked intense debate within the Hong Kong crypto community. Let’s explore.

Introducing The New HKVAC Virtual Asset Index

The newly launched index by HKVAC is a robust representation of the virtual asset market. It features a wide array of tokens, including 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.

This institution is supported by several prominent entities and individuals, such as Hong Kong legislators Johnny Ng, as well as renowned exchanges Huobi and KuCoin.

Controversial Inclusions Stir Debate

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.

Related: Hong Kong Authorities Urge Three Major Banks to Embrace Crypto Exchanges, Reveals Report

Critics within the Hong Kong community argue that this diminishes the overall reference value of the index.

What Was The Judging Criteria?

The Securities and Futures Commission (SFC) of Hong Kong stipulates that retail-tradable tokens must be included in at least two indices. While the newly launched index meets this requirement, it is important to note that it is non-governmental. The judging criteria for inclusion in the index are straightforward—it comprises the top 30 tokens based on market capitalization.

This Might Interest You: Crypto Firms Vying for Hong Kong Licenses To Attract Retail Traders