Crypto Treasuries Face Resistance from Asian Stock Markets

Crypto News Cryptocurrencies

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 22, 2025

Key Takeaways

Stock exchanges in India, Hong Kong, and Australia are tightening rules on companies that aim to focus mainly on crypto holdings;
Hong Kong and India have recently rejected listing attempts tied to crypto investment plans, citing rules on "cash companies";
Australia’s ASX restricts firms from holding too much crypto and suggests using ETFs for digital asset exposure instead.

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Crypto Treasuries Face Resistance from Asian Stock Markets

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Stock exchanges in parts of Asia are becoming more cautious about allowing companies to focus on cryptocurrency holdings.

According to a report from Bloomberg, exchanges in India, Hong Kong, and Australia have reinforced policies that make it harder for firms to act mainly as digital asset holders.

In Hong Kong, the main stock exchange operator, Hong Kong Exchanges & Clearing Ltd., has turned down several companies that aimed to hold most of their assets in crypto.

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According to Bloomberg, these decisions are based on existing rules that prevent firms from operating as so-called "cash companies", those that hold mainly liquid or tradeable assets without running a core business.

India’s approach is similar. The Bombay Stock Exchange recently denied a company’s attempt to go public after it said it would use the funds raised for crypto investments.

Australia’s main exchange, ASX, also has restrictions in place. It does not allow listed companies to keep more than half of their total assets in cash-like holdings, including digital currencies.

Due to this rule, the standard crypto treasury model is ineffective. Instead, companies interested in digital assets are advised to consider setting up an exchange-traded fund (ETF), which is a separate investment structure.

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