Regional Regulatory Actions
On October 22, 2025, several leading stock exchanges across the Asia-Pacific region initiated measures to restrict or challenge companies pursuing digital asset treasury (DAT) strategies. Bloomberg reported that Hong Kong Exchanges and Clearing Ltd. (HKEX) has specifically questioned at least five firms over plans to accumulate substantial cryptocurrency reserves. The exchanges cited rules limiting large liquid holdings and expressed concerns regarding potential market risks.
Listing Rejections
India’s Bombay Stock Exchange (BSE) rejected an application from Jetking Infotrain, which had proposed allocating corporate treasury proceeds toward digital asset purchases. Similarly, Australia’s ASX has enforced policies limiting cryptocurrency holdings to no more than 50% of a company’s assets. Companies found in breach of these constraints have been asked to revise public filings or withdraw their listings.
Market Rationale
Regulators in APAC markets have cited investor protection and market stability concerns as primary drivers for these actions. High volatility in crypto markets raises the risk of significant balance sheet fluctuations, potentially impacting shareholder value and market integrity. Exchanges have emphasized the need for transparent disclosures and compliance with existing cash company regulations.
Japan as an Outlier
The Japan Exchange Group (JPX) has maintained a more permissive stance, allowing listed firms to hold cryptocurrency under existing disclosure requirements. According to JPX leadership, thorough reporting of crypto purchases enables market participants to assess risks without disrupting listing approvals. This contrast highlights divergent approaches within the region.
Industry Impact
The pushback against DAT strategies may slow corporate adoption of crypto treasury models in the near term. Several high-profile firms that adopted this approach earlier in 2025 have since experienced declining share prices amid heightened scrutiny. Market observers anticipate that regulatory clarity will be necessary for widespread acceptance of treasury-based crypto holdings.
Regulatory Outlook
APAC regulators have signaled ongoing monitoring of DAT proposals. Future policy updates may include detailed guidelines on reporting thresholds, risk management protocols, and acceptable reserve limits. Companies exploring blockchain innovations remain in active dialogue with exchanges to ensure compliance and maintain public listings.
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