Hong Kong Stock Exchange Cracks Down On Crypto Treasury Firms: Bloomberg
The Hong Kong Stock Exchange (HKEX) has rejected multiple attempts by listed companies to make crypto treasuries their core business. That’s according to a Bloomberg report that said Hong Kong Exchanges & Clearing Ltd. has challenged the plans of at least five such firms in recent months. The story cited sources familiar with the matter, who said tha t transitioning into a pure-play crypto accumulator is currently forbidden by the bourse. Companies Are Prohibited From Having Large Liquid Holdings The exchange is blocking the applications as part of a rule that prohibits firms from holding large reserves of liquid assets, which is crypto in this case. The aim is to prevent the listing of shell companies that effectively use their status as a listed entity for money. The gigantic DAT bubble deflating quickly. Regulators' turn to prick that bubble. Previous posts on the issue:https://t.co/KrIeFcEy5jhttps://t.co/jKbaesjxlk "…In Hong Kong, if a publicly traded f...