In Hong Kong, which has taken important steps towards becoming a Web3 center, the "virtual asset" index of the rating agency HKVAC has been announced.

The 30 largest cryptocurrencies by market capitalization were listed in the index, which excludes Bitcoin and Ether. According to the information given by Colin Wu, a Chinese journalist working on cryptocurrencies; 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 and EOS took part.
The organization that created the index, the Hong Kong Virtual Asset Consortium (HKVAC), was established at the end of May. The purpose of its establishment is as follows;
“Building the industry’s capacity in security risk management and assisting the central government and Hong Kong local authorities to establish a world-leading hub for virtual assets, digital finance.”
HKVAC also explained the methodology of the index created. Accordingly, Bitcoin and Ether as well as stablecoins and privacy coins were excluded. It was stated that for a cryptocurrency to be included in the index, it must have a market capitalization of at least 10 million dollars and an average daily trading volume of at least 100 thousand dollars.
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