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Hong Kong has taken a big step ahead in embracing crypto because it re-opened its doorways to the world of digital belongings originally of the month. In a bid to place itself as a number one world monetary hub for revolutionary applied sciences, the Hong Kong authorities, in collaboration with the Securities and Futures Fee (SFC), has launched a set of rules to control the buying and selling and issuance of cryptocurrencies inside its jurisdiction.
The re-opening of Hong Kong comes after a interval of cautious analysis and session with trade consultants, market individuals, and different stakeholders. Along with these overarching measures, the Hong Kong SFC has outlined particular necessities for retail-tradable tokens, aimed toward safeguarding retail buyers. One of many measures is that the Hong Kong SFC requires retail-tradable tokens to be included in not less than two indices.
Hong Kong’s HKVAC Releases New Crypto Index
In view of this, a publication by the Hong Kong Digital Asset Consortium (HKVAC) is inflicting a stir at the moment. The Hong Kong ranking company at the moment introduced its digital asset index, which incorporates the next cryptocurrencies: WBTC, BTCB, stETH, Bitcoin Money, Litecoin, BNB, MATIC, Cardano (ADA), ATOM, Filecoin (FIL), NEAR, Algorand (ALGO), ICP, XRP, Dogecoin (DOGE), Polkadot (DOT), WTRX, Shiba Inu (SHIB), TRX, LINK, LEO, Monero (XMR), XLM, OKB, LDO, HBAR, VET, QNT, FTM and EOS.
HK shifting ahead. pic.twitter.com/BY4Bg6qHOu
— CZ 🔶 Binance (@cz_binance) June 27, 2023
As reported by Chinese language crypto journalist Colin Wu, the record is controversial in that the listed cryptocurrencies additionally embrace platform tokens, privateness tokens and numerous tokens listed as securities by the US Securities and Alternate Fee (SEC). In accordance with Wu, the establishment is backed by Hong Kong lawmakers Johnny Ng, Huobi, KuCoin and others.
Resulting from these controversies, the Hong Kong crypto neighborhood doesn’t imagine that the reference worth could be very excessive, as Wu explains. Since HKVAC’s index is non-governmental, and its evaluation standards are quite simple, Wu believes it is going to don’t have any impression on retail market tradability.
The primary criterion of the index is market capitalisation. Thus, the highest 30 cryptocurrencies with the best market capitalisation (excluded BTC, ETH and stablecoins) is included within the index if they’ve been actively traded out there for not less than three months and meet sure liquidity necessities (not less than $10 million market capital and a median each day worth traded, MDVT, over three months of not less than $100,000 per day).
As of at the moment, solely Bitcoin, Ethereum, Litecoin, Bitcoin Money, Polkadot, Solana Cardano, Avalanche, Polygon and Chainlink are authorised for buying and selling by the SFC for retail merchants. Whether or not the brand new index by the HKVAC will have an effect on this record appears greater than questionable at this level. Nonetheless, it might undoubtedly be main information for cash similar to SHIB, XRP, ADA or Dogecoin.
At press time, the overall crypto market capitalisation stood at $1.149 trillion, taking a breather after final week’s rally.
Featured picture from iStock, chart from TradingView.com
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