Hong Kong Virtual Asset Consortium (HKVAC) has made a significant announcement, revealing the launch of its highly anticipated virtual asset index. The index aims to capture the performance of various cryptocurrencies and provide local investors with a comprehensive overview of the market. Notably, this index includes three prominent cryptocurrencies: Shiba Inu (SHIB), XRP and Cardano (ADA).
To ensure fair representation, the index excludes Bitcoin (BTC) and Ethereum (ETH), as well as stablecoins. HKVAC has set stringent criteria for inclusion in the index, demanding a median market capitalization of at least $10 million over the preceding three-month period, along with a median daily traded value of no less than $100,000 during the same time frame. Consequently, the first composition of the index features the top 30 cryptocurrencies that meet these requirements.
HK moving forward. pic.twitter.com/BY4Bg6qHOu— CZ 🔶 Binance (@cz_binance) June 27, 2023
Renowned crypto journalist Colin Wu shed light on the backing received by HKVAC, stating that the institution enjoys support from influential figures such as Hong Kong legislator Johnny Ng, as well as major players in the industry like Huobi and KuCoin. However, it is important to note that the index is nongovernmental and does not have any official regulatory status.
This development comes hot on the heels of another significant event, as HSBC Hong Kong recently allowed its customers to trade ETFs for Bitcoin and Ethereum. Hong Kong's growing acceptance and integration of cryptocurrencies demonstrate its commitment to embracing the digital revolution in the financial sector.