PANews reported on November 13 that Japan Exchange Group (JPX), Japan's largest stock exchange operator, is considering stricter scrutiny of listed companies that are shifting their core business to large-scale cryptocurrency holdings, including new audit requirements and more stringent assessments for backdoor listings. This move stems from the recent wave of losses at Japan Digital Asset Treasury (DAT) companies.

For example, Metaplanet, which holds over 30,000 Bitcoins, saw its stock price plummet 82% from a high of $15.35 in May to its current price of $2.66. Another DAT company, Convano, also saw its stock price fall 61% from an August high of $2.05 to $0.79. JPX's move may close a regulatory loophole, restricting companies from circumventing traditional listing requirements by using backdoor listings or transforming into cryptocurrency holding companies.