"The proposed rule would affect companies like Metaplanet, Remixpoint, and ANAP Holdings, along with a growing set of Japanese issuers whose business models are fully legitimate, fully regulated, and fully aligned with long-standing corporate treasury practices."
"TOPIX is designed to function as a broad, neutral, investable benchmark of the Japanese equity market. Its methodology already contains objective tools for that purpose: liquidity screens, free-float-adjusted market capitalization criteria, continuation buffers, and established treatment for delistings and other listing-quality events."
"A crypto-asset screen is a different kind of test. It doesn't measure liquidity, free float, turnover cost, market capitalization, or listing quality. It looks instead at the composition of a company's balance sheet."
JPXI is considering a rule to defer companies with cryptoassets from inclusion in TOPIX and other indices. This proposal raises questions about its alignment with TOPIX's established criteria, which focus on liquidity and market capitalization. The rule introduces a subjective measure that deviates from the objective standards typically used. Companies like Metaplanet and ANAP Holdings, which are legitimate and regulated, could be unfairly impacted. A clearer definition of what constitutes a 'principal asset' in crypto is necessary to ensure fair treatment of these issuers.
Read at Bitcoin Magazine
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