Hong Kong is well known for being pro-innovation and technology and has recently set its eyes on becoming a major hub for blockchain technology.
With the buying of cryptocurrencies restricted to institutional investors in the China region since 2018, new regulation will allow Hong Kong citizens to buy crypto as soon as the second half of 2023.
Many virtual asset platforms are currently preparing for their Hong Kong launch and as we get closer more and more details pop up.
The Kong Kong Virtual Asset Consortium
HKVAC, the Kong Kong Virtual Asset Consortium, is a service provider used by various companies in Hong Kong. HKVAC’s mission is to promote Hong Kong to become the world’s largest and safest virtual asset market, by providing research and ratings on virtual assets like cryptocurrencies. Today, HKVAC released more details about one of its upcoming products to promote the adoption of crypto.
Crypto indexes
One of the products HKVAC is working on to make investing in crypto easily accessible for all is the creation of so-called crypto indexes.
A crypto index is a basket of various cryptocurrencies that follows the performance of the underlying cryptocurrencies. This allows investors to gain exposure to many cryptocurrencies by buying one product.
VET to be included in the Large Cryptocurrency Index
Today it was announced that VET will be included in the Large Cryptocurrency Index together with other major cryptocurrencies like BTC and ETH.
Every quarter, HKVAC selects the 30 biggest cryptocurrencies based on marketcap that meet the following requirements:
- Market cap over $10 million
- Daily trading volume of over $100.000 per day
- Coin should be publicly traded
- Excluding stablecoins
Being included in the index, will result in many new investors getting exposure to VET, which is a great sign for the adoption of VET as a smart payment currency.
No further details on the launch date of the Large Cryptocurrency Index have been announced yet.
source: https://www.panewslab.com/zh/sqarticledetails/82yi0ag7.html
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