On the 1st of June 2023, Hong Kong accepted license applications for crypto exchanges. Hong Kong is positioning itself as a global crypto hub again. So, the local government and the Securities and Futures Commission (SFC) introduced regulations.
Part of this is the rating agency, Hong Kong Virtual Asset Consortium (HKVAC). They recently released a list of crypto assets. So, let’s take a look at which tokens are on this virtual asset index in Hong Kong.
Source: Twitter
What Is the HKVAC?
This consortium, the HKVAC, is not an official government department. So, with that being said, what is it? Under its supporters, it counts, among others, Johnny Ng, a Hong Kong lawyer, Huobi, and others. The criteria for judging tokens is simple, they use the top 30 by market cap. As part of their mission, they want, for instance:
- “Promote Hong Kong as the world’s largest and safest virtual asset market.”
- “Provide representative index and benchmark, investor research, and data products to the market.”
- “Providing ancillary services like fraud detection mechanisms and other necessary products and services. These are for the common good of the industry.”
Their website also shows an exchange rating page and an index. However, all is still under construction or ‘coming soon’. They recently released their first index. It has an interesting mix of crypto assets. For example:
- Platform tokens.
- Privacy tokens.
- Tokens are listed as securities by the SEC.
So, the HKVAC has no governing power. Still, it seems a good step in the right direction. However, it remains to be seen how high their relevance value will be.
Source: HKVAV index page
Tokens listed by the HKVAC
Currently, the HKVAC listed 30 coins on their index. Here’s a list of the first 15 tokens. In Part 2 of this series, we will list and discuss the other 15 tokens on the index. So, let’s take a look at those first 15 tokens.
- wBTC – wrapped Bitcoin. It is Bitcoin as an ERC20 token on the Ethereum chain.
- BTCB – A stablecoin backed by BTC reserves.
- stETH – The liquid staking token you receive when staking ETH with Lido Finance.
- Bitcoin Cash (BCH) – It forked from Bitcoin in 2017. In 2018, we saw a further fork. This resulted in BCH and Bitcoin SV.
- Litecoin (LTC) – A Proof of Work token that currently enjoys positive development.
- Binance Coin (BNB) – This token powers the Binance exchange.
- Polygon (MATIC) – A popular layer 2 solution that solves Ethereum issues. For example, Polygon offers fast and cheap transactions, and it’s scalable.
- Cardano (ADA) – The first peer-reviewed cryptocurrency. Its founder is Charles Hoskinson, one of the original Ethereum founders.
- Cosmos Hub (ATOM) – The layer zero project for the Cosmos ecosystem and its IBC system. Interoperable and multi-chain.
- Filecoin (FIL) – This project offers a decentralized data storage marketplace.
- Near (NEAR) – A scalable blockchain that uses sharding. So, you can compare sharding with a supermarket where only one cashier is open. This causes a queue to form. Once more cashiers open, the queue disappears.
- Algorand (ALGO) – Among others, Algorand offers payment processing solutions.
- Internet Computer (ICP). — Wants to offer a decentralized option to centralized internet cloud providers.
- Ripple (XRP) – It’s a real-time gross settlement (RTGS) system.
- Dogecoin (DOGE) – Currently the world’s largest meme coin by market cap.
Conclusion
Hong Kong is trying to place itself on the map as a global cryptocurrency hub. For instance, the Hong Kong government approved license applications for exchanges as of June 1st. In its wake, the HKVAC launched a crypto index. This is a non-governmental institution. So, it remains to be seen what impact this index will manage.
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Check out our most up-to-date research, NFT and Metaverse buy, and how to protect your portfolio in this market by checking out our Altcoin Buzz Access group, which for a limited time, is FREE. Try it today.
