Asian Exchanges Push Back on Digital Asset Treasury Listings

Stock platforms in Hong Kong, India, and Australia are tightening scrutiny on companies viewking to adopt or list under the Digital Asset Treasury (DAT) model, underscoring growing regulatory caution toward publicly traded firms whose value depends heavily on cryptocurrencies. The coordinated pushback across major Asian markets signals increasing efforts to insulate traditional financial systems from digital asset volatility while shaping the next phase of regulated crypto participation.
The DAT concept has recently gained attention as companies look to hold large treasuries of digital assets such as BTC and ETH and offer investors equity exposure to their crypto holdings. While this model has attracted interest from investors viewking indirect access to digital assets, regulators view it as a potential backdoor for unregulated crypto speculation within the public equities market.
HKEX rejects DAT transitions amid tightening oversight
The Hong Kong Stock platform (HKEX) has reportedly blocked at least five listed companies from pivoting toward the DAT model. Citing existing rules that prohibit listings of so-called โcash companies,โ HKEX considers firms that primarily hold liquid or speculative assets โ such as cryptocurrencies โ to fall outside its acceptable operating structure. Bloomberg reports that the platform has upheld this stance despite growing investor demand for listed crypto-treasury vehicles.
This move comes as Hong Kong attempts to balance its ambitions as a digital asset hub with investor protection concerns. Although HKEX recently approved spot BTC and Ether ETFs, regulators appear cautious about extending similar flexibility to corporate entities structured around crypto holdings. Authorities worry that DAT listings could blur the line between regulated financial instruments and speculative token exposure, potentially undermining confidence in traditional capital markets.
Australia and India mirror Hong Kongโs resistance
In Australia, the Australian Securities platform (ASX) has reportedly advised companies pursuing DAT-like listings to consider platform-traded fund (ETF) structures instead. While Australiaโs regulatory environment is more advanced in establishing digital asset licensing frameworks, the ASX has maintained strict listing criteria to ensure corporate entities derive value from operational business activity rather than speculative asset reserves.
Meanwhile, in India, both the National Stock platform (NSE) and the Bombay Stock platform (BSE), under the supervision of the Securities and platform Board of India (SEBI), have taken a similarly conservative approach. Regulators are unlikely to permit DAT listings given Indiaโs restrictive stance on crypto trading and the lack of a legal framework for incorporating digital assets into company balance sheets. SEBIโs existing capital market policies prioritize financial transparency and prohibit listings that rely on unregulated or volatile asset classes.
Industry analysts suggest the coordinated resistance among Asiaโs top platforms could sluggish the rise of listed Digital Asset Treasury firms, despite growing institutional appetite for regulated crypto exposure. By rejecting DAT listings, platforms are reinforcing the separation between crypto investments and traditional equity markets, ensuring investor protections remain intact while regulators continue developing comprehensive digital asset policies.
As demand for transparent and regulated crypto exposure grows, the DAT debate may push innovation toward new hybrid structures โ potentially ETFs, tokenized funds, or offshore corporate models. For now, the position of Hong Kong, Australia, and India signals that while Asia is open to digital finance innovation, the integration of crypto treasuries into public markets will face significant regulatory roadblocks.