Global exchanges are tightening regulations for companies involved in digital assets. Hong Kong Exchanges & Clearing Ltd. has rejected five applications to transform these firms into digital asset vaults (DATs) due to the ‘cash company’ rule, which limits large liquidity holdings. This follows similar actions from the Bombay Stock Exchange in India and Australia’s ASX, who have urged companies to utilize ETF listings instead of directly holding cash assets. In contrast, Japan’s Japan Exchange Group allows listed firms to disclose Bitcoin purchases while MSCI proposes removing DATs with over 50% crypto asset holdings from global indices, potentially impacting players like Metaplanet. Despite the recent rise in Bitcoin’s value by 18%, DAT stock prices have generally declined since the summer.