October 23, 2025
By Anjali Kochhar
A quiet storm is brewing across Asia’s financial markets. Some of the region’s biggest stock exchanges are taking a firm stand against companies that are turning themselves into crypto hoarding machines instead of running real businesses.
In the past few months, regulators and exchanges from Hong Kong to Australia have started rejecting firms that plan to hold large amounts of cryptocurrency as their primary assets. This growing pushback signals a clear message the public markets are not a playground for crypto speculation.
In Hong Kong, the Hong Kong Exchanges and Clearing Limited (HKEX) has reportedly rejected several listings where applicants aimed to use the public platform to store massive amounts of digital currencies. Officials cited rules that prohibit companies from becoming “cash companies,” which means entities that hold mostly liquid assets instead of operating genuine businesses.
The move isn’t limited to Hong Kong. The Australian Securities Exchange (ASX) and Indian exchanges have adopted similar stances. In Australia, the ASX has made it clear that any company whose balance sheet is largely made up of cash-like assets, including cryptocurrencies, will not be approved for listing. Likewise, an Indian exchange recently turned down a firm whose business plan revolved around investing most of its funds in crypto assets.
This coordinated stance comes amid a global debate about corporate crypto adoption. Over the past few years, several firms have announced that they would allocate huge portions of their reserves into Bitcoin and other digital assets. While such strategies gained popularity during the bull market, regulators have grown increasingly concerned about the risks.
Market experts note that holding volatile cryptocurrencies as treasury reserves introduces instability in share prices, complicates financial reporting, and can mislead retail investors. Stock exchanges argue that listed firms should generate real value through operations, not depend on speculative digital assets for valuation.
Industry insiders say this shift is reshaping how companies approach digital assets. Instead of treating cryptocurrency as a shortcut to higher valuations, businesses are being encouraged to find legitimate ways to integrate blockchain technology or tokenization into their core models.
Analysts following crypto news updates see this as a sign of market maturity. For years, cryptocurrency news websites have reported about small firms attempting to ride crypto hype to attract investors. Now, as exchanges tighten listing standards, such tactics may no longer work.
Experts believe that firms genuinely involved in blockchain innovation, tokenized finance, or digital asset infrastructure will still find opportunities in public markets. However, those seeking to use their listing status merely to speculate on crypto prices could face increasing regulatory barriers.
Asia’s financial regulators have made one thing clear reputation in the market is earned through innovation, not accumulation. As global investors watch closely, the message echoes across the trading floors: it’s time to build, not just buy.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
