Hong Kong rating agency HKVAC has announced its new cryptocurrency index, which includes MATIC and 28 coins. The regulators of the China region had recently invited Coinbase.
Hong Kong announces a new index that includes MATIC and 28 coins
As Chinese crypto researcher Wu Blockchain reported, Hong Kong is taking an important step forward for cryptocurrencies. Hong Kong rating agency HKVAC announced today its new cryptocurrency index that will include BTC and 29 altcoins. The list includes giants such as Bitcoin and Ethereum, as well as more volatile coins such as ICP, XRP, DOGE. According to reports, the coins included in the cryptocurrency index published by HKVAC are:
BTC, ETH, stablecoins, WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OCD, LDO, HBAR, VET, QNT, FTM, EOS.
Hong Kong rating agency HKVAC announced its virtual asset index, in addition to BTC ETH stablecoins, 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, EOS.…
— Wu Blockchain (@WuBlockchain) June 27, 2023
Why is HKVAC’s cryptocurrency index important?
The rating agency HKVAC is backed by Hong Kong legislators Johnny Ng, Huobi, KuCoin and others. However, a large number of coins listed as securities by the SEC were also included in the index. As such, it provides a new foothold for the cryptocurrency market amid continued regulatory pressure in the US. According to the details cited by Wu Blockchain:
Hong Kong SFC requires individual investment tokens to be included in at least two indices. This index is non-governmental. The evaluation criteria are simple: they need to be in the top 30 by market value.
Binance CEO CZ supported the move
Changpeng Zhao, CEO of Binance, who is fighting SEC lawsuits, expressed his satisfaction on Twitter after the HKVAC announcement. CZ shared the good news with his followers with the message “Hong Kong is advancing”. The leading exchange faced accusations of selling unregistered securities from the US regulator SEC on June 5. The SEC later claimed that CZ had improperly used client funds. In the latest developments, which we cited as Kriptokoin.com, the court rejected Binance’s complaint to the SEC.
https://twitter.com/cz_binance/status/1673629402763075584
About HKVAC
The Hong Kong Virtual Asset Consortium is its organization that aims to promote Hong-Kong as the world’s leading virtual asset market. HKVAC offers services such as FrancXav Asia Ratings, which provides credit ratings for virtual asset exchanges. It also plans to offer rating services for virtual assets and other products in the near future. The organization also aims to serve the community by providing virtual asset investment risk data to the public and by actively participating in public investment education about virtual assets and its promotion.
40519
