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Japan’s leading stock market operator is reviewing how manage companies that change their business towards holding Bitcoin
BTC
$99,980.75
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A Bloomberg report he said that Japan Exchange Group (JPX) studies whether listed companies that start to focus on buying and holding crypto assets should face stricter controls.
Ideas under discussion include extra audit steps and the possible use of rules that normally apply to backdoor lists.
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A backdoor listing occurs when a private company takes over an already listed firm to enter the market without going through a standard initial public offering. JPX already blocks this practice.
Metaplanet CEO Simon Gerovich, said in a post on X that the exchange operator the concern is about companies that may have changed direction without shareholder approval or used listed companies as shortcuts.
Gerovich explained that Metaplanet has updated its articles of incorporation and increased its authorized shares to support its Bitcoin purchase He said that these steps follow standard governance rules and were carried out by the same leadership team that managed the company before changing its strategy.
After the Bloomberg report, Metaplanet also released an official statement. The company said received no requests or notices from regulators.
He added that he is ready to engage in a “constructive dialogue” with the authorities as they discuss how to formulate rules for companies that hold digital assets.
Recently, the Bank of England warned that weaker stablecoin rules could damage financial stability and reduce lending in the UK. How? Read the full story.
