SHIB, XRP, and ADA gain recognition with inclusion in prominent Hong Kong index

The HKVAC index, unveiled by the Hong Kong Virtual Assets Consortium (HKVAC), adds XRP, SHIB and ADA to its list of recognized cryptocurrencies.

This newly introduced index, which assesses 30 prominent digital assets, places significant emphasis on market capitalization as the primary criterion for evaluation.

Top 30 on the index

The Hong Kong Virtual Assets Consortium (HKVAC) introduced the index with the aim to provide investors and regulators with a dependable benchmark to assess the performance and risks associated with virtual assets.

HKVAC’s official website reveals two versions of the index. The first version assigns weights to crypto assets based on their market capitalization, while the second version incorporates risk ratings into the weighting methodology. These variations offer different perspectives on the composition and evaluation of the included cryptocurrencies.

You might also like: FTX engages in talks to bring back international crypto exchange

The Hong Kong Virtual Asset Trading Association (HKVAC) index has excluded bitcoin (BTC), ethereum (ETH), and stablecoins while imposing stringent criteria for inclusion.

To be eligible, cryptocurrencies must exhibit a median market capitalization of at least $10 million over the preceding three-month period, coupled with a median daily traded value of no less than $100,000 during the same duration. 

It is worth noting that amid the additions, the list excludes solana (SOL), which has raised concerns and queries among investors.

Hong Kong remains position as strong contender

Amidst lawsuits filed by U.S. regulators against cryptocurrency platforms, leading to a search for more favorable jurisdictions among digital asset companies, several cities in Asia are actively vying to attract the jobs and investments associated with web3 technologies. Currently, Hong Kong is emerging as a prominent contender.

Some notable news announcements that support this include Hong Kong’s leading technology hub, Cyberport, witnessing significant growth in the past year, attracting more than 150 companies operating in the web3 sector.

Hong Kong Financial Secretary Paul Chan highlighted in a blog post on June 18 that Cyberport’s ecosystem currently hosts over 1,900 community enterprises, with a cumulative financing amount exceeding 35.7 billion yuan ($4.98 billion).

Additionally, in a June 27, 2023, announcement, Hong Kong Legislative Council member Johnny Ng took to Twitter to invite Coinbase and other global virtual asset trading operators,

The news was further supported by a tweet sent out by a Hong Kong Legislative Council member inviting Coinbase to apply as an official trading platform.

Although other contenders remain in the web3 race, notable members of the community, like CZ, have suggested Hong Kong is the way forward.

Read more: Cathie Wood’s ARK reportedly ahead in race for BTC ETF
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