Asia’s Top Stock Exchanges Crack Down on Crypto DATs, Blocking Listings

As the global DAT trend surges, several of Asia’s top financial hubs are now pushing back. | Credit: Getty Images.

Key Takeaways

Asia’s leading stock exchanges tighten scrutiny on crypto treasury firms amid rising risks. Hong Kong, Australia, and India are blocking listings linked to digital asset holdings. Japan remains an outlier, with 14 listed firms holding Bitcoin in their treasuries.

As the Digital Asset Treasury (DAT) craze gains global momentum, some of Asia’s biggest financial centers are starting to hit the brakes.

In recent months, the Hong Kong Stock Exchange, Australia’s ASX, and India’s Bombay Stock Exchange (BSE) have quietly tightened the door on companies trying to reinvent themselves as crypto-treasury players.

What started as a creative way for public firms to boost their valuations by holding Bitcoin (BTC) or Ethereum (ETH) on their balance sheets has now raised red flags with regulators.

Across Asia, officials worry that the fast-growing trend could expose investors to wild market swings and open the door to manipulation.

Hong Kong Exchange Rejects Multiple Listings

According to Bloomberg, Hong Kong Exchanges & Clearing Ltd. (HKEX) has turned down at least five applications from companies seeking to list under a DAT model in recent months.

The bourse cited rules prohibiting “cash companies” or those that hold an excessive proportion of liquid assets — including cryptocurrencies — as a primary reason for rejection.

Regulators warned that such balance sheets undermine transparency and could distort investor expectations.

Australia and India have taken similar stances, with both exchanges instructing listing committees to reject or delay approvals for firms that “derive value primarily from volatile crypto assets.”

The heightened caution comes after the collapse of QMMM Holdings, a Hong Kong-based firm whose stock soared over 1,400% in a single day following its $100 million crypto treasury announcement — only for the company to disappear weeks later.

A report by Singapore’s 10X Research found that retail investors have collectively lost $17 billion across DAT-related trades, further fueling regional skepticism.

Japan Stands Alone

While its neighbors tighten oversight, Japan remains the only Asian market openly embracing the DAT model.

The country currently hosts 14 listed companies holding Bitcoin on their balance sheets, including Metaplanet, which now owns over $3.3 billion in BTC.

Japan’s regulators require full transparency but have otherwise encouraged innovation — a contrast to the hardline approach seen in Hong Kong and India.

Analysts argue that the country’s “predictable and accommodative” policies have made it an unlikely safe haven for corporate crypto adoption.

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However, this permissive stance may come with consequences.

Index providers such as MSCI have warned that companies with large crypto holdings could face index exclusions, limiting access to institutional capital.

From MicroStrategy to Asia’s DAT Boom

The DAT phenomenon was first popularized by MicroStrategy (now Strategy) in 2021, when the firm turned Bitcoin into a corporate reserve asset.

The idea has since spread globally, peaking again in 2024–25 as firms experimented with Ethereum (ETH), Solana (SOL), and stablecoins.

But in Asia, where regulators traditionally favor conservative fiscal practices, the rise of crypto-treasury companies has proved a step too far.

For now, Japan stands as the lone exception — while its regional peers choose caution over crypto-fueled speculation.

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