Securities / Derivatives

Taiwan, Korea Reciprocally Lower Taxes on Dividend, Interest Income

01/01/2024

The agreement was signed in November 2021 after seven years of negotiations. It has taken until now for the required legislative processes.

Fintech / Regtech

Taiwan: FSC Drafts Guidelines for FIs on the Use of AI

01/01/2024

The guidelines are based on the six core principles released in October to promote responsible AI innovation in the financial industry.

AML / KYC

Philippines Tightens Travel Rule Requirements for Crypto

01/01/2024

VASPs are expected to obtain, verify, and hold originator and beneficiary information for transactions with unhosted wallets regardless of the amount involved.

Capital / Liquidity

Hong Kong Published Basel III related Rules in Gazette

30/12/2023

The rules published in the gazette are to implement Basel III components including the revised credit risk framework and the output floor.

Market Infrastructure

BNM Finalises Responsibility Mapping Framework for FIs

30/12/2023

A two-year transitional period, instead of one year as initially proposed, is provided before the responsibility mapping framework comes into effect.

Enforcement

China Passes Law to Raise Penalties for Bribery Offences

29/12/2023

The amended law, effective 1 March 2024, adds provisions to punish corruption crimes committed by insiders of private enterprises.

Enforcement

China: Former Banking Regulator Sentenced to Life in Prison

29/12/2023

Cai Esheng took more than CNY 407 million in bribes before he retired in 2013, and a further CNY 110 million afterwards.

Crypto / Digital Assets

Bank Indonesia to Trial Digital Rupiah in 2024

29/12/2023

Based on feedback to a Jan 2023 consultation paper, Bank Indonesia has decided to proceed with a series of experiments to develop a digital rupiah.

Crypto / Digital Assets

China Call for Crackdown on Foreign Exchange Crimes

29/12/2023

The use of cryptocurrencies as a tool for foreign exchange trading is illegal in China, authorities said.