Sanctions

Copper Being Disguised as Scrap for Russia-China Trade – Report

16/04/2024

Chinese firms are using this mechanism to benefit from lower tax and to make it more difficult to trace the copper to its Russian origin.

Securities / Derivatives

BNP Paribas Wins Approval for Securities Unit in China

16/04/2024

The approval comes three years after the application. The new wholly-owned securities unit will be established in Shanghai.

Enforcement

SFC Orders Trading Suspension of Listed Fruit Products Seller

16/04/2024

The company was earlier ordered to reconstitute its board of directors and engage an independent manager over more than $60m in missing funds.

Crypto / Digital Assets

Three Crypto Firms Enter Into Liquidation in Australia

16/04/2024

A$55mn worth of assets belonging to a crypto fund operator have been frozen by court order, after investors became concerned about the fund’s management.

Enforcement

ASIC Commences Proceedings Against Blockchain Mining Companies

16/04/2024

The companies, without an AFS licence, encouraged investors to set up self-managed superannuation funds to then invest in blockchain mining packages and crypto.

Sanctions

US and Canada Sanction Belarus-linked Individuals and Entities

16/04/2024

The US sanctions target revenue-generating SOEs and others involved in a global arms network. Canada’s sanctions are human rights-related.

Fintech / Regtech

Four Bidders Seeking to Become Korea’s Fourth Digital Bank

16/04/2024

Four bidders are seeking to secure the licence, after the FSC relaxed its rules in July to allow more players to enter the market.

Crypto / Digital Assets

SFC Grants First In-Principle Approvals to Spot Crypto ETFs

15/04/2024

At least three firms have received conditional approval to launch spot bitcoin and ether ETFs and are now expected to file listing applications.

Securities / Derivatives

CSRC Releases Legislative Work Plan for 2024

15/04/2024

The legislative agenda includes plans to revise the CSRC’s rules for private funds, REITs, and securities and futures firms, including in relation to information tecchnology.