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The Hong Kong Virtual Asset Rating Agency (HKVAC) has announced changes to its Cryptocurrency Global Large Top5 Index effective January 19, including the removal of XRP.
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XRP's removal comes just three months after its inclusion in the index, replacing USDC in October 2023.
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The timing coincides with Solana's ascent, adding an interesting layer to the narrative.
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The HKVAC's adjustments also involve the addition of promising projects like ICP, NEAR, OP, INJ, and IMX to the global index, while TUSD, BUSD, HBAR, FIL, and MKR face removal.
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HKVAC, a virtual asset rating agency based in Hong Kong, introduced virtual asset indices and exchange-traded ratings in late spring.
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These indexes aim to capture the performance of various cryptocurrencies, providing local investors with a comprehensive market overview.
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In a broader context, approximately ten fund companies in Hong Kong are actively preparing to launch Virtual Asset Spot ETFs, with seven or eight of them in advanced stages of development.
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This signals a growing interest in cryptocurrency investment products within the financial sector in Hong Kong.