Heat is rising on digital asset coffers in the Far East.
Japan Exchange Group (JPX), which runs the Tokyo Stock Exchange, is considering measures to curb the growth of listed companies hoarding digital tokens as treasury assets, according to Bloomberg.
The exchange is exploring actions such as stricter enforcement of backdoor listing rules and new audits for companies tilting to crypto in an effort to protect investors’ interests.
Since September. JPX has already pushed back against three Japanese companies that plan to develop as digital assets, warning of fundraising restrictions if they pursue crypto accumulation as a core strategy.
The operator closely monitors such firms from a management and shareholder protection perspective, although it does not have specific rules prohibiting crypto-hoarding by listed firms.
JPX’s wariness of digital asset government bonds stems from the volatile boom-and-bust swings in these stocks, which have inflicted significant losses on retail investors.
Japan leads Asia with 14 listed bitcoin holding companies, including Tokyo-listed Metaplanet, which boasts a coin reserve of over 30,000 BTC. Shares in Metaplanet have plunged over 70% from their peak in June.
