Shiba Inu (SHIB) and XRP have been featured in the latest virtual asset index released by the Hong Kong Virtual Assets Consortium (HKVAC). The HKVAC, a renowned rating agency specializing in evaluating the reliability of crypto assets and exchanges, has unveiled its comprehensive index that comprises 30 cryptocurrencies, including Shiba Inu and XRP. Notably, this development was brought to light by Colin Wu, a well-known Chinese crypto and blockchain reporter, in a recent tweet.
Questions over Solana Exclusion
In its mission to provide investors and regulators with a reliable benchmark for virtual assets’ performance and associated risks, the Hong Kong Virtual Assets Consortium (HKVAC) has introduced its index. Interestingly, the recently unveiled index has omitted Solana (SOL), leading to speculation among investors.
The HKVAC website presents two versions of the index. The first version weights crypto assets based on market capitalization, while the second incorporates risk ratings into the weighting process.
To determine the risk rating, HKVAC adopts a hybrid approach, combining data-driven and expert-driven methodologies. Multiple dimensions, including security, liquidity, compliance, and governance, contribute to the comprehensive risk assessment.
The inclusion of Shiba Inu in the index reflects its growing prominence within the cryptocurrency ecosystem. Additionally, the indexing of XRP by HKVAC highlights the divergent viewpoints held by international bodies regarding the security status of this digital asset.
It is important to note that while HKVAC holds a prominent position, its index is independent and not officially associated with the Securities and Futures Commission (SFC). Therefore, investors seeking compliance with the SFC’s regulatory framework should consider the index’s reference value in a limited capacity.
HKVAC Promotes Transparency and Web3 Adoption in the Virtual Asset Trading Market
Founded in May 2023 and supported by notable figures like Hong Kong legislator Johnny Ng, Huobi, KuCoin, and other industry stakeholders, HKVAC has a clear mission. The organization aims to promote transparency and accountability within the virtual asset trading market and educate the general public about crypto investments.
Furthermore, HKVAC is committed to supporting Hong Kong’s goal of becoming a global leader in Web3 technologies by facilitating the adoption of Web3 infrastructure.
At press time, Shiba Inu ws trading at $0.00000758 per coin while XRP is selling at $0.4809.