- Solana has added another feather to its cap, overtaking XRP on HKVAC’s list of top five cryptocurrencies.
- Avalanche (AVAX) was also added to the top ten, replacing Tron (TRX).
- Hong Kong has established itself as a major advocate for crypto trading after re-allowing retail investors into the market last year.
- A spot Bitcoin ETF is expected to be approved on Hong Kong markets in the coming months.
Since the Chinese mainland banned digital currency transactions and mining in 2021, the Asian region has been yearning for a new crypto hub. Singapore and Japan have raised their hands as potential candidates, but Hong Kong might be leading the pack after the government reintroduced retail trading earlier last year.
HKVAC Rebalance Digital Currency Ratings, Solana the Big Winner
The Hong Kong Virtual Asset Consortium (HKVAC) is a big-name financial institution. The agency analyses indices, digital assets and other crypto-based products to provide a safety rating for its members. XRP had secured a spot in the HKVAC’s global crypto index top five for years – but has been usurped by Solana (SOL) after an extraordinary few months for the DeFi project.
The move caps off Solana also overtaking XRP in the top five cryptocurrencies by market capitalisation, demonstrating investors’ appetite for new and exciting DeFI products. There was another change in the top ten, with another DeFi blockchain Avalanche (AVAX) replacing Tron (TRX) in the top ten.
Overall, HKVAC’s primary list of the top 30 digital assets (including stablecoins, BTC and Ethereum) saw seven changes. Other projects gaining momentum –according to the institution – include:
Spot Bitcoin ETFs Next for Hong Kong
Hong Kong has been pressing its position as a safe haven for digital currency growth, with the government announcing plans to release a spot Bitcoin ETF in December last year. However, after the SEC’s landmark approval of a spot fund in the United States, many are suggesting that Hong Kong will look internally to speed up the process to ensure they don’t fall behind other nations.
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