Justin Sun and Binance’s CZ praise Hong Kong’s crypto-forward policies, here’s what it means

  • Hong Kong rating agency HKVAC established rating rules for cryptocurrencies, including several cryptocurrencies in its virtual asset index.

  • Assets that US financial regulator SEC labeled as securities were included in the list generated by the non-governmental index.

  • Tron founder Justin Sun and Binance's Changpeng Zhao appreciated Hong Kong’s commitment to cryptocurrencies and their adoption in China’s SAR.

Hong Kong has been making strides in its crypto-forward policies to drive the adoption of Bitcoin, Ethereum and altcoins in China’s Special Administrative Region (SAR).

The Hong Kong Virtual Asset Consortium (HKVAC), a non-governmental body supported by legislators, released a list of cryptocurrencies included in a virtual asset index. Several assets in the list were the same ones the US Securities and Exchange Commission (SEC) labeled as securities.

Two crypto influencers and executives Justin Sun and Changpeng Zhao acknowledged Hong Kong authorities’ efforts and shared the update with their followers on Twitter.

Also read: US SEC likely to approve spot Bitcoin ETFs, catalyzing marketwide recovery in crypto

HKVAC lists US SEC’s securities in its virtual asset index

Hong Kong has been driving crypto adoption in China’s SAR through its crypto-forward policies and moves. The Hong Kong Monetary Authority (HKMA) is known to have instructed banking and financial institutions to meet the needs of licensed crypto exchanges.

Taking a step further, the rating agency HKVAC announced a virtual asset index. The index included altcoins and stablecoins, alongside cryptocurrencies. Some of these assets were tagged as securities by the US SEC in its lawsuit against Binance and Coinbase.

The list of assets included in HKVAC’s index is as follows:


Justin sun and changpeng Zhao acknowledge Hong Kong’s pro-crypto moves 

Tron creator and investor in the exchanges Poloniex and Huobi, Justin Sun, shared his comments on the news of HKVAC’s index. Sun said that Hong Kong’s implementation of rating rules and the release of the index demonstrates China SAR’s commitment to providing a secure and transparent environment for crypto adoption.

Binance CEO Changpeng Zhao (CZ) shared the update with his 8.5 million followers on Twitter.

Significant of the virtual asset index

The HKVAC is a non-governmental agency, however, it has the support of legislators. There is some weightage for the assets being included in the index. According to Chinese journalist Colin Wu, the weightage is likely less significant since the Hong Kong government does not have a role to play in the inclusion or exclusion of cryptocurrencies from the index. 

Irrespective, the China crypto narrative and the inclusion of assets like Polygon (MATIC), Cardano (ADA), and XRP, among others, are likely to drive a recovery in these cryptocurrencies in the short term. As the adoption of the altcoins included in the index rises, higher capital inflow and a bullish trend reversal are likely.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Week Ahead: Crypto’s doom or a new all-time high in the making? Premium

Week Ahead: Crypto’s doom or a new all-time high in the making?

Bitcoin price shows no signs of a directional bias as it hovers around $66,000. The 2019 BTC price fractal hints at a potential correction should the US Fed cut interest rates. Investors can expect a retest of the $60,000 to $45,000 levels depending on the severity of the nosedive.

More Bitcoin News

Binance faces backlash following announcement to delist FET

Binance faces backlash following announcement to delist FET

Binance released an announcement stating it will delist FET, stirring FUD among holders. FET experienced a heavy price drop following the announcement, with crypto community members criticizing Binance. FET is down 8% following the announcement.

More Binance News

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant (QNT) price could have a short-term downward pressure. Data from Lookonchain suggests that an early holder has deposited 118,008 QNT tokens worth $9.78 million into the Kraken exchange.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis