Hong Kong’s Virtual Assets Consortium Launches Influential Crypto Index

The Hong Kong Virtual Assets Consortium (HKVAC) has made waves in the crypto world with the introduction of their innovative virtual asset index.

Hong Kong’s Virtual Assets Consortium Launches Influential Crypto Index

This index features the top 30 cryptocurrencies based on global market capitalization, marking a significant step towards Hong Kong’s goal of becoming a global hub for virtual assets.

The HKVAC Crypto Index provides a comprehensive overview of the performance of high-cap cryptocurrencies in the global market. The index includes a diverse range of tokens, from platform tokens and privacy tokens to those classified as securities by the US Securities and Exchange Commission.

HKVAC Crypto Index Performance: A Mixed Bag

Despite a positive year-to-date performance of 21.82%, the HKVAC Crypto Index has seen a drop of 9.97% in the past three months. While Bitcoin and Ether have maintained a steady performance, other altcoins like BNB, MATIC, ADA, and SOL have experienced a significant drop due to SEC suppression.

HKVAC: Aiming to Establish Hong Kong as a Global Center for Virtual Assets

HKVAC’s launch comes at a pivotal time, with retail bitcoin trading set to open in Hong Kong under new laws. The agency’s mission is to create a safe and profitable environment for virtual asset investment, thereby establishing Hong Kong as a major global center for virtual assets.

HKVAC Gains Support from Key Players in the Crypto World

Prominent figures and organizations in the crypto world, including Hong Kong lawmaker Johnny Ng and exchanges like Huobi and KuCoin, have expressed their support for HKVAC. Huobi, in particular, announced on May 31 that it was the first member of the HKVAC.