On January 19, 2024, the Hong Kong Virtual Asset Rating Agency (HKVAC) made significant adjustments to its cryptocurrency indices.
Key Takeaways
- Hong Kong Virtual Asset Rating Agency (HKVAC) implemented changes to its cryptocurrency indices on January 19, 2024.
- The HKVAC Global Major Cryptocurrency Index welcomed new altcoins, including Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX).
- Notably, XRP, Arbitrum (ARB), and others like Filecoin (FIL), Maker Dao (MKR), TUSD, BUSD, and HBAR were removed from the index lists.
- Hong Kong’s actions underline its commitment to becoming a cryptocurrency center, showcasing adaptability in response to the dynamic crypto landscape.
Positive Shifts in Hong Kong Cryptocurrency Landscape
Hong Kong, aiming to solidify its position as a cryptocurrency hub, has taken further strides in adapting to the evolving crypto market. According to information shared by Chinese journalist Wu Blockchain, the Hong Kong Virtual Asset Rating Agency (HKVAC) announced adjustments to its cryptocurrency indices set to be effective from January 19, 2024.
In this index reshuffle, the HKVAC made noteworthy changes, introducing new altcoins to its indices while simultaneously removing others. The HKVAC Global Major Cryptocurrency Index saw the inclusion of Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX). On the flip side, the index bid farewell to Filecoin (FIL), Maker Dao (MKR), TUSD, BUSD, and HBAR.
Continued Adaptability in the Crypto Landscape
This move by HKVAC reflects a commitment to staying abreast of developments in the cryptocurrency sector. The agency’s willingness to adjust its indices showcases a nimbleness necessary in the ever-changing crypto landscape.
Read More: Hong Kong Opens Doors for Everyday Investors to Explore Crypto ETFs!
Hong Kong’s proactive stance in embracing new entrants while reconsidering the inclusion of certain cryptocurrencies underlines its determination to foster a dynamic and robust cryptocurrency environment.
To Conclude
The recent adjustments made by the Hong Kong Virtual Asset Rating Agency (HKVAC) to its cryptocurrency indices, including the delisting of XRP, Arbitrum (ARB), and others, demonstrate the region’s commitment to adapting to the evolving crypto landscape.
These actions align with Hong Kong’s aspirations to position itself as a leading cryptocurrency center, showcasing its responsiveness to market dynamics and commitment to fostering a resilient digital asset ecosystem.
