Japan’s largest crypto exchange is tightening rules on treasury token listings as the boom around Digital Asset Tokens (DATs) cools sharply. The platform is scrutinizing issuers more closely after rapid price swings, thin liquidity, and concerns over speculative trading triggered a market pullback. Several projects now face delays or removal as regulators urge stricter oversight to protect retail investors. The crackdown marks a shift from earlier optimism, signaling that Japan’s DAT market is entering a more cautious, compliance-driven phase as exchanges prioritize stability over rapid expansion.