According to reports, stock exchanges in India, Hong Kong, and Australia have begun to block or restrict companies from transforming into digital asset treasury entities.
Bloomberg reported on Wednesday, citing anonymous sources, that the Hong Kong Stock Exchange has rejected at least five applications from companies seeking to become DATs (Digital Asset Treasuries), citing violations of regulations concerning "cash companies" that primarily hold liquid assets.
The Bombay Stock Exchange rejected a company's listing application last month after the company announced plans to invest raised funds in cryptocurrencies.
Meanwhile, Australia's ASX prohibits companies from using more than half of their balance sheet to hold cash-like assets such as cryptocurrencies, making the DAT model "essentially unfeasible."
An ASX spokesperson stated, "Companies listed on the ASX that shift towards investing in cryptocurrencies are advised to consider structuring their products as exchange-traded funds."
The Japanese stock exchange has an open attitude towards this concept. Japan allows DATs to operate with appropriate disclosures and has the most DATs in Asia—14 listed Bitcoin (BTC) buyers, including Metaplanet, the fourth largest Bitcoin DAT company globally.
However, MSCI, one of the world's largest index providers, is proposing to exclude large DATs with cryptocurrency holdings exceeding 50% from its indices, which could cut off passive investment flows.
Cointelegraph has contacted these three stock exchanges but has not yet received an immediate response.
Bloomberg's report noted that some stock exchanges are concerned that these companies are selling their "listing status" rather than operating legitimate business entities.
There is also the issue of "cash companies," where companies primarily holding liquid assets may be viewed as shell companies, potentially used for improper purposes.
Regulators emphasize that they want listed companies to have actual business operations, not just be investment tools holding assets.
DATs can be said to be a major force driving the crypto market this year, but with the market experiencing a significant pullback, many companies are now facing difficulties, with their stock prices trading at or below their net asset values (NAVs).
Researchers at 10x Research noted, "The era of financial magic for Bitcoin treasury companies is coming to an end," specifically mentioning the decline in Metaplanet's stock price.
Tom Lee, chairman of BitMine, also hinted earlier this month that the DAT bubble may have burst.
Related: Bolivia's new president supports using blockchain to address government corruption issues
Original text: “Reportedly, Asian stock exchanges are resisting cryptocurrency treasury companies”
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