Hong Kong has embraced crypto with the reopening of its doors to the world of digital assets. The Hong Kong government collaborated with the Securities and Futures Commission (SFC) to introduce a set of regulations for issuing and trading cryptocurrencies within the city at the beginning of the month. They did this to position themselves as a major global financial hub for innovative technologies.
Hong Kong is reopening after careful evaluation and consultation with experts, market participants, and other interested parties. They have outlined specific guidelines for retail-tradeable tokens that normal people can trade to keep retail investors safe. One of the major criteria is that the tokens must be included in at least two indices.
Hong Kong’s HKVAC Introduces New Crypto Index
Given this, the Hong Kong Virtual Asset Consortium’s (HKVAC) latest release is making a stir today. The Hong Kong rating agency has announced a new virtual asset index that includes a variety of cryptocurrencies such as WBTC, BTCB, stETH, Bitcoin Cash, Litecoin, BNB, MATIC, Cardano (ADA), ATOM, Filecoin (FIL), NEAR, Algorand (ALGO), ICP, XRP, Dogecoin (DOGE), Polkadot (DOT), WTRX, Shiba Inu (SHIB), TRX, LINK, LEO, Monero (XMR), XLM, OKB, LDO, HBAR, VET, QNT, FTM, and EOS.
This new Crypto Index announcement has certainly grabbed the interest of people worldwide.
Source: TOTAL on TradingView.com
You can learn more about this: Hong Kong’s Largest Bank, HSBC Takes Bold Step Into Crypto: Launches Bitcoin and Ethereum ETFs
According to Chinese crypto reporter Colin Wu, there are some controversial disputes in the listed cryptocurrencies, including platform tokens, privacy tokens, and a large number of tokens listed as securities by the US Securities and Exchange Commission (SEC)
Related Reading: Hong Kong Authorities Encourage Major Banks To Embrace Crypto Clients
Market capitalization is the key factor in the index. The index includes the top 30 cryptocurrencies with the highest market value (excluding Bitcoin, Ethereum, and Stablecoins). These cryptocurrencies have been actively traded on the market for at least three months, which means that they have a market capitalization (at least $10 million) per day and a trading value of around $100,000 per day.
Presently, the SFC approves only Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Polkadot, Solana Cardano, Avalanche, Polygon, and Chainlink for trading with retail traders. It is unknown whether the HKVAC new index will affect this list or not. However, it would undoubtedly be great news for coins such as SHIB, XRP, ADA, or Dogecoin.
As of now, the total crypto market capitalization is $1.149 trillion, taking a break after last week’s rally.
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