Three of Asia Pacific’s most glittering stock exchanges, those sleek, silver-winged titans of finance, have taken to swatting away the fluttering moths of crypto-hoarding enterprises with the precision of a well-timed slap at a pesky fly.
The Hong Kong Exchanges & Clearing Ltd., that gilded phoenix of capitalism, alongside the Bombay Stock Exchange, a sly fox in the financial henhouse, and the Australian Securities Exchange, a stoic guardian of order, have collectively declared war on firms attempting to transform themselves into digital treasure chests, as if the stock market were a pirate’s cove rather than a temple of commerce.
These spirited maneuvers, orchestrated throughout the year, are rooted in arcane rules that forbid listed companies from becoming “cash companies”-those parasitic entities that feed solely on liquidity, their operations as vibrant as a wilted lettuce leaf.
Hong Kong Leads the Crackdown
The Hong Kong Exchanges & Clearing Ltd. swoop down like vengeful angels, their regulations a gossamer net designed to ensnare the likes of Jetking Infotrain, whose crypto-tinged dreams were dashed with the grace of a rejected proposal at a royal ball.
India and Australia Follow Strict Rules
In India, the Bombay Stock Exchange, that enigmatic gatekeeper, recently rebuffed Jetking’s bid to list shares, a decision as sudden as a thunderclap in a teacup. Meanwhile, Australia’s ASX Ltd. enforces a rule so rigid, it might as well be a medieval knight’s code: no firm may hoard 50% of its balance sheet in cash or crypto, unless it’s a certified ETF, a financial chameleon that cloaks its true nature in a veil of legitimacy.
Japan Stands Out with a Softer Approach
Japan, that eccentric uncle of the financial world, permits companies to amass Bitcoin like a child hoarding candy, provided they disclose their stash with the transparency of a confession. Metaplanet Inc., a hotel operator who swapped lobbies for Bitcoin, now boasts a $3.3 billion vault of digital gold-though its shares have plummeted faster than a deflated balloon at a birthday party. Even Japan’s leniency faces scrutiny, as MSCI Inc. eyes these crypto-coveters with the suspicion of a detective spotting a suspect in a crowd.
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2025-10-22 15:59