Enforcement

SFC Suspends Former Licensed Rep Over Misuse of Client Account

28/12/2023

The former AE carried out personal trades in a client’s securities account and allowed a third party to operate the account without the client’s written authorisation.

Crypto / Digital Assets

Chinese Authorities Dismantle $2.2b Underground Banking Operation

27/12/2023

The operation involved the use of overseas crypto platforms to exchange foreign currency. 74 suspects were arrested and their electronic devices and bank cards seized.

Market Infrastructure

JBATA Publishes Feedback From Euroyen TIBOR Consultation

27/12/2023

Most respondents said “six months before the cessation date” is a desirable timing to cease entering into new Euroyen TIBOR contracts.

Enforcement

China Launches Probe into CDB for Suspected Price Manipulation

27/12/2023

NAFMII said it has information indicating China Development Bank improperly influenced market prices in its bond issuance and money market businesses.

Enforcement

FSA Japan Issues Orders Against Major Insurers for Price-Fixing

27/12/2023

The insurers coordinated with each other when negotiating contracts with corporate customers on insurance premiums, affecting more than 570 policyholders.

Fintech / Regtech

Cambodia, China Launch Cross-border QR Payment Link

27/12/2023

Visitors from China can use UnionPay-enabled mobile apps to scan KHQR codes in Cambodia. By early 2024, Cambodian residents will be able to use their Bakong wallets in China.

Crypto / Digital Assets

Japan Approves Reforms to End Tax on Unrealised Crypto Gains

27/12/2023

Crypto assets issued by third party organisations can be held by corporations without being marked-to-market for taxation.

Crypto / Digital Assets

BOC Settles First Cross-border Precious Metals Trade Using e-CNY

26/12/2023

Bank of China transferred CNY 100 million in cash from an overseas buyer and deposited the funds as digital yuan at the Shanghai Gold Exchange.

Sanctions

China Sanctions Data Provider Kharon and Two Employees in Response to US Sanctions

26/12/2023

China’s Ministry of Foreign Affairs announced sanctions against US-based Kharon and two researchers under the Anti-Foreign Sanctions Law in response to US human rights sanctions.