The post Hong Kong VAC Unveils Comprehensive Virtual Asset Index: Not Without Controversy appeared first on Coinpedia Fintech News

In a significant move to monitor and influence the digital asset space, Hong Kong Virtual Asset Classification (HKVAC) has announced its much-anticipated virtual asset index. This comprehensive index includes major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), along with a diverse range of stablecoins and altcoins. However, the inclusion of certain tokens has raised eyebrows and sparked debate within the Hong Kong crypto community.

A Broad Spectrum: The New HKVAC Virtual Asset Index

The new index launched 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 prominent exchanges Huobi and KuCoin.

Raising Eyebrows: Controversial Inclusions Stir Debate

Despite the broad representation, the index has not been without its controversies. The inclusion of platform tokens, privacy tokens, and a large number of tokens listed as securities by the US Securities and Exchange Commission (SEC) has caused a stir. Critics within the Hong Kong community argue that this diminishes the index’s overall reference value.

Regulatory Considerations: The SFC’s Requirements

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

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Filed under: Bitcoin - @ June 27, 2023 12:08 pm