Hong Kong’s financial regulators, in a move that surprised absolutely no one who’s ever met a regulator, have decided that companies pretending to be digital Scrooge McDucks won’t be getting any golden tickets to the stock exchange. The Hong Kong Stock Exchange (HKEX) has reportedly told at least five hopefuls with dreams of becoming Digital Asset Treasuries (DATs) to take their virtual coins and shove them-politely, of course.
This delightful bit of bureaucratic obstructionism highlights Hong Kong’s approach to crypto investment: cautious, skeptical, and possibly written on a Post-it note that says, “Are we sure about this?” While the U.S. has embraced the wild west of corporate crypto-hoarding like a toddler with a new toy, Hong Kong’s regulators have politely (but firmly) reminded everyone that “no” is a complete sentence.
What Is a Digital Asset Treasury (DAT)? (Besides a Fancy Way to Lose Money)
A Digital Asset Treasury (DAT) is what happens when a company decides that holding Bitcoin or Ethereum is way cooler than boring old cash. In the U.S., some firms have gone full crypto-bro, either starting as DATs or pivoting faster than a politician dodging a question. Experts note that when U.S. companies announce big crypto buys, their stock prices often skyrocket-because nothing says “stable investment” like digital assets that swing harder than a pendulum at a hypnotist convention.
SFC Warns Investors: “Seriously, Don’t Be Stupid”
Wong Tin-yau, Chairman of the Securities and Futures Commission (SFC), delivered the kind of investor warning that could double as a fortune cookie: “Hong Kong has no rules for this nonsense yet, so maybe don’t?” He pointed out that DATs are basically rollercoasters without seatbelts-thrilling until you’re suddenly not. Wong also hinted that if regulations ever catch up, the magical “crypto premium” on these stocks might vanish faster than a free buffet at a bankers’ convention.
Possible Rule Changes? Or Just More Paperwork?
While Hong Kong currently bans DAT listings, Wong mumbled something about “studying the issue,” which is bureaucrat-speak for “we’ll get back to you… never.” There’s no official limit on how much crypto a company can hold-whether it’s one Bitcoin or enough to make Elon Musk blush-but regulators are watching. Separately, the SFC plans to review Hong Kong’s dual-class share system, because nothing says “fair markets” like letting some shareholders have more votes just ‘cause.
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FAQs (Frequently Avoided Questions)
What is a Digital Asset Treasury (DAT)? A company that decided holding Monopoly money wasn’t risky enough.
Is it legal for a company in Hong Kong to become a DAT? Not unless they enjoy rejection letters.
Why is Hong Kong rejecting DAT listings? Because regulators have this weird thing about “not setting money on fire.”
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2025-10-30 08:39