HKVAC’s global crypto index adds SOL, replacing XRP

The Hong Kong Virtual Asset Rating Agency (HKVAC) has announced the results of index adjustments.

The index adjustments will take effect on Jan. 19. The HKVAC global large cryptocurrency index has added Internet Computer (ICP), Near (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) while removing TrueUSD (TUSD), Binance USD (BUSD), Hedera (HBAR), Filecoin (FIL), and MakerDAO (MKR).

The HKVAC global large cryptocurrency top 5 index and weighted index will add Solana (SOL), replacing Ripple (XRP). The HKVAC Global Large Cryptocurrency Top 10 Index and Weighted Index will add Avalanche (AVAX), returning Tron (TRX).

Last time, in October 2023, HKVAC replaced the USD Coin (USDC) with XRP in the HKVAC Cryptocurrency Global Large Top5 Index. In addition, HBAR, MKR, and Quant (QNT) have been added to the critical large market cap cryptocurrency indices, and Cryptonex (CNX), ICP, and HEX tokens have been removed.

HKVAC is a Hong Kong virtual asset rating agency. With the support of influential figures, HKVAC aims to provide a comprehensive representation of virtual assets in Hong Kong. However, there has been some skepticism in the Hong Kong community about the index’s benchmark due to the inclusion of platform tokens, privacy tokens, and numerous tokens classified as securities by the U.S. Securities and Exchange Commission (SEC).

In 2022, Hong Kong announced its desire to become a global crypto hub. The authorities have also begun to develop and integrate their stablecoin into their economy, primarily aimed at improving the payment experience in various industries and businesses. In parallel, the government is committed to strengthening the training of specialists for the Web3 industry.