8 months ago
As Hong Kong strengthens its crypto regulatory model and embraces ETFs, the Hong Kong Virtual Asset Consortium (HKVAC) has updated its crypto indexes, showing a penchant for tokens with marketplace show and increasing manufacture partnerships.
Ripple’s XRP Loses Ground successful HVAC’s Crypto Index Revamp
The Hong Kong Virtual Asset Consortium has revised its cardinal crypto indexes, notably excluding Ripple’s XRP. HKVAC, a non-profit enactment that rates integer plus trading platforms and compiles crypto marketplace indexes, announced these revisions successful a caller statement. The adjustments see the apical five, apical 10, and wide crypto indexes.
December 2023 saw a notable displacement successful the crypto market, with Solana (SOL) surpassing XRP successful marketplace capitalization, becoming the fourth-largest cryptocurrency. This was a important origin successful HKVAC’s determination to regenerate XRP with SOL successful its apical 5 planetary crypto index.
Furthermore, the Avalanche (AVAX) token made its mode into the apical 10 index, pursuing a surge successful its worth amidst a wide downturn successful the crypto marketplace astatine the extremity of 2023. This summation came alongside partnerships betwixt accepted concern businesses similar JPMorgan and Deloitte with the Avalanche Foundation for plus tokenization initiatives.
HKVAC’s January statement besides noted the inclusion of caller cryptocurrencies specified arsenic Internet Computer’s ICP, Optimism (OP), Injective (INJ), and Immutable (IMX) successful its planetary ample crypto index. These updates coincide with Hong Kong’s continued efforts to fortify its presumption successful the crypto industry.
The region’s fiscal regulator announced successful December 2023 its readiness to invited spot crypto exchange-traded funds (ETFs). This improvement follows the United States Securities and Exchange Commission’s support of 11 spot Bitcoin ETF applications.
The Hong Kong Securities and Futures Commission (SFC) stated,
Demand for these products has besides accrued successful Hong Kong. In airy of these developments, the SFC has introduced regimes that let the offering of definite [virtual asset] products to the Hong Kong nationalist with due capitalist extortion safeguards.
Do you deliberation XRP deserved to beryllium bumped successful favour of SOL? Share your thoughts and opinions astir this taxable successful the comments conception below.
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