China

Liu Canglong, who controls companies with a majority stake in Sichuan Trust, is being held by the public security bureau in Chengdu.

The move follows joint action by three state-backed associations to bar their members from providing crypto-related services to customers.

A second draft of legislation aimed at countering US sanctions has reportedly been filed and is expected to be voted on soon.

China CITIC Limited and China Everbright Group have become the first to apply for approval to establish financial holding companies.

Financial authorities in Guangzhou and Shenzhen have ordered microfinance companies to stop providing credit for estate assets and investments.

The revised EO is clearer, addresses many of the problem areas in the old EO, and is more enforceable, says Nick Turner at Steptoe & Johnson.

Ant will hold a 50% stake in the new unit, which forms a key part of the restructuring that was ordered to resolve regulatory concerns.

The new quotas, awarded to 17 institutions, represent the largest approval by SAFE in the history of the QDII scheme.

Guidance was issued on the terms that should be included in new and old contracts referencing USD LIBOR as well as in new contracts referencing SOFR.

The CBIRC will punish lenders that help borrowers to circumvent regulations prohibiting the use of business loans to buy real estate.