The Hong Kong Virtual Assets Consortium (HKVAC), a renowned rating agency focused on assessing the dependability of crypto assets and exchanges, has recently unveiled its latest virtual asset index. This comprehensive index encompasses 30 crypto assets, including notable names such as Shiba Inu (SHIB) and XRP, and aims to provide investors and regulators with a reliable point of reference regarding virtual assets’ performance and associated risks.
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Hong Kong rating agency HKVAC announced its virtual asset index, in addition to BTC ETH stablecoins, including WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS.…
— Wu Blockchain (@WuBlockchain) June 27, 2023
Hong Kong Virtual Assets Consortium (HKVAC Releases Crypto Assets Index Including Shiba Inu
Colin Wu, a prominent Chinese crypto and blockchain reporter, drew public attention to this development via a tweet, highlighting the significance of HKVAC’s initiative. With the backing of esteemed Hong Kong legislator Johnny Ng, as well as industry stakeholders like Huobi and KuCoin, HKVAC aims to foster transparency and accountability in the virtual asset trading market while educating the general public about crypto investments.
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 their risk rating during the weighting process. This hybrid approach to determining the risk rating combines data-driven and expert-driven methodologies.
To assess the overall risk, HKVAC considers multiple data dimensions, including security, liquidity, compliance, and governance. By employing this comprehensive approach, HKVAC aims to provide a holistic view of the risk associated with each virtual asset included in the index.
Solana Omission Raises Concerns Among Crypto Community
However, the omission of Solana (SOL) from the index has raised questions among investors. Solana, a high-performance blockchain platform, has gained significant attention and popularity in the crypto community. Investors are eager to understand the reasoning behind its exclusion, as it currently holds a prominent position in the market.
The inclusion of Shiba Inu (SHIB) in the index signifies its rising prominence within the cryptocurrency ecosystem. SHIB, known for its meme-inspired origins, has captured the attention of traders and investors in recent times.
Additionally, the decision to index XRP serves as a testament to the differing viewpoints held by international bodies regarding the security status of this digital asset. XRP, the native cryptocurrency of the Ripple network, has faced regulatory scrutiny in the past, making its inclusion noteworthy in HKVAC’s index.
As the crypto industry continues to evolve and regulators seek to establish frameworks for virtual assets, HKVAC’s index aims to provide valuable insights for investors and regulators alike. By assessing both market capitalization and risk rating, the index offers a comprehensive perspective on the performance and associated risks of various crypto assets.
With its mission of promoting transparency, accountability, and education in the virtual asset trading market, HKVAC seeks to contribute to the growth and development of the crypto ecosystem while ensuring the protection of investors’ interests.