The Hong Kong Stock Exchange (HKEX) is implementing stricter regulations on crypto asset structures, impacting companies’ strategic transitions into digital asset treasuries. The HKEX has questioned five firms about their plans to shift to such models, raising concerns about compliance with existing rules prohibiting substantial liquid asset holdings. These stringent measures highlight the rigorous listing requirements in Hong Kong and could influence broader crypto market dynamics in the Asia-Pacific region. The HKEX’s framework prohibits excessive liquid asset hoarding. To qualify as a digital asset treasury (DAT) entity, companies must integrate crypto assets as core business elements. The scrutiny underscores the importance of demonstrating a clear business model for holding crypto assets rather than just hoarding them.