Major stock exchanges in the Asia-Pacific region are intensifying regulations on crypto treasury firms. The Hong Kong Stock Exchange recently rejected plans from at least five companies intending to adopt crypto treasury strategies as their main business, citing rules against holding large amounts of liquid assets. Similarly, the Bombay Stock Exchange in India denied Jetking Infotrain's preferential allotment listing application due to its plans to invest part of the raised funds in cryptocurrencies. Meanwhile, the Australian Securities Exchange has imposed a rule that prevents listed companies from allocating more than 50% of their assets in cash or cash-like assets, effectively hindering the implementation of crypto treasury models.