Fintech / Regtech

HKEX Confirms Plans to Expand Paperless Listing Regime

02/07/2023

HKEX will reduce the number of submission documents required from issuers and mandate electronic means as the only mode of submission.

Crypto / Digital Assets

South Korea Passes Virtual Asset User Protection Bill

02/07/2023

The bill focuses on protecting virtual asset users and preventing unfair trading practices. The new framework will be implemented within one year.

PBOC Announces Pan Gongsheng’s Appointment as New Party Chief

02/07/2023

Pan Gongsheng replaces Guo Shuqing as party chief and is expected to also replace Yi Gang as central bank governor.

AML / KYC

Consultation Opens on Revisions to FATF Standards for NPOs

01/07/2023

The proposed amendments seek to address issues related to the over-application of preventive measures to the NPO sector, which hinders genuine non-profit activity.

Capital / Liquidity

PBOC Wants Foreign Banks to Lower USD Deposit Rates – Report

30/06/2023

The PBOC reportedly asked one commercial lender to lower its deposit rates for the US dollar, in response to recent weakness in the yuan.

Sanctions

China Expands Foreign Relations Toolbox with New Law

30/06/2023

The new law authorises China’s government to apply “countermeasures” against threats to national and economic security.

AML / KYC

UK to Further Restrict Russian Access to Legal Services

30/06/2023

New law will prevent lawyers from advising Russian companies in international money lending and trade deals.

Capital / Liquidity

New Zealand Passes Bill to Enhance Depositor Protections

30/06/2023

The new deposit protection scheme will commence by late 2024, guaranteeing up to NZ$100,000 per depositor, per institution.

AML / KYC

HKMA Launches New Initiative to Prevent Credit Card Fraud

30/06/2023

All of Hong Kong’s card issuing banks, as well as 15 major merchants, commit not sending customers text messages with embedded hyperlinks.