ASEAN
FIVE CENTRAL BANKS SIGN MOU ON CROSS-BORDER PAYMENTS
Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore and Bank of Thailand signed a Memorandum of Understanding (MoU) to cooperate on regional connectivity for cross-border payments during the G20 Summit in Bali. The cooperation includes modalities such as QR codes and faster payments. The cross-border payment agreement is designed to support and facilitate cross-border trade, investment, financial deepening, remittance, tourism and other economic activities. The payment initiative could be expanded to other countries in the region and possibly other countries outside the region.
IN NUMBERS
70%of corporate counsel are expected to leave their current positions in 2023.
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JAPAN
DIGITAL AGENCY CREATES DAO FOR RESEARCH
The Digital Agency of Japan established a Decentralized Autonomous Organization (DAO) to study the functions and roles of DAOs in the web3 ecosystem. The agency seeks to understand what DAOs can achieve, identify their limitations, and address issues such as the legal position of governance tokens used for voting. In an announcement, the agency also aimed to investigate aspects of digital assets and DAOs that could potentially be misused for cross-border crime and threaten user protection. The agency also said it will conduct a blockchain analysis of complaints related to the digital asset space from Japan’s authorities while also investigating other digital innovation-related initiatives, including a dry run of a non-fungible token.
SINGAPORE
PILOT PROJECT FOR DEFI SUCCESS
The Monetary Authority of Singapore (MAS) announced that the first industry pilot under its Project Guardian, which is exploring potential applications for decentralized finance (DeFi) in wholesale funding markets, has completed its first live trades. As part of the project, DBS Bank, JP Morgan and SBI Digital Asset Holdings executed FX and government bond transactions against liquidity pools that included tokenized Singapore government bonds, Japanese government bonds, the Japanese yen and the Singapore dollar. A live cross-currency transaction involving tokenized currency deposits was successfully conducted, along with a simulated exercise involving the buying and selling of tokenized government bonds, showing that cross-currency transactions of tokenized assets are traded instantaneously between direct participants, can be cleared and billed.
CHINA
INDIVIDUAL UTILITIES WILL CONTINUE OPENING
The China Banking and Insurance Regulatory Commission (CBIRC) expanded its private pension system by allowing large insurance companies to offer customized retirement products to meet the needs of a rapidly aging population. Insurance companies wishing to offer personal pension products must have at least RMB 5 billion (US$ 694 million) in equity, with a solvency ratio of at least 150% and a core solvency ratio of at least 75%. The CBIRC aims to ensure that only large insurers with strong financial standing and experience can participate in the Chinese private pension market. Each applicant must be well-managed and have no disciplinary record of responsible corporate governance in the past three years.
HONG KONG
STAMP DUTY BILL 2022 ANNOUNCED
The Government of Hong Kong has published the Stamp Duty (Amendment) Bill 2022 in its Official Gazette, which exempts stamp duty payable on certain transactions involving dual-counter shares by market makers. The proposed stamp duty exemption aims to create favorable conditions for market makers to conduct market-making and liquidity-providing activities with lower transaction costs, thereby promoting Renminbi (RMB) stock trading and enhancing the city’s use of RMB for investment purposes and contribution to RMB internationalization process. The bill entered the Legislative Council for its first reading on Nov. 30 and is among new initiatives announced by Chief Executive John Lee Ka-chiu in his first keynote address in October to bolster Hong Kong’s status as an international financial hub.
THE PRIMARY ROLE OF AN IP OFFICE IS TO CONTRIBUTE TO CREATING INNOVATION BY GRANTING RELEVANT PATENT RIGHTS THROUGH RAPID AND ACCURATE REVIEW.
Koichi Hamano
Commissioner of the Japanese Patent Office
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SOUTH KOREA
INSURANCE SECTOR REFORMS UNDERWAY
The Korean Financial Services Commission (FSC) has announced a plan to reform insurance company regulations to help the sector respond more effectively to new requirements. The plan has been reviewed by the Financial Regulation Innovation Committee and the authorities will prepare revision legislation to amend relevant legislation for submission to the National Assembly. The FSC has identified areas in need of regulatory reform through discussions within a task force and a survey conducted across all financial industry groups. According to the taskforce and survey, the insurance industry in Korea is not effectively adapting to disruptive changes in the business environment due to outdated and strict regulations. For example, the degree of digital transformation in the insurance market is still in its infancy and requires urgent industrial restructuring.
INDONESIA
FINANCIAL SERVICES AUTHORITY TO MONITOR CRYPTO
The Indonesian government has drawn up a plan to shift the regulation, supervision and oversight of cryptocurrency investments from the Indonesian Commodities Regulatory Authority to the Financial Services Authority (Otoritas Jasa Keuangan or OJK) to better protect investors. The new bill is being prepared by the Ministry of Finance as part of the Financial Sector Bill currently being debated in Parliament. The plan envisages strengthening OJK’s leeway in digital assets and will come into effect after both the Legislative and Executive branches agree on all provisions. The proposals also include provisions to expand the central bank’s mandate to include economic growth alongside price stability.
THAILAND
SIMPLER RULES FOR SWITCH OPERATORS
Thailand’s Ministry of Finance has enacted regulations to give foreign exchange service providers more flexibility in conducting business, while raising regulatory standards to better align with international standards. The regulations governing commercial banks, money changers and transfer agents also enable new types of services and encourage competition. The new measures include the ability for companies to register products in the central bank’s sandbox testing program for new technologies, and a simplified licensing system that is part of the Bank of Thailand’s foreign exchange ecosystem development plan to reduce service costs and increase access for to improve private customers.
THE PHILLIPINES
STANDARDIZED BUSINESS LOAN APPLICATION FORMS
Bangko Sentral ng Pilipinas (BSP) has approved a Circular for a Borrower-Friendly and Borrower-Centered Standard Business Loan Application Form (SBLAF) to streamline loan applications for micro, small and medium-sized enterprises (MSMEs). All BSP-regulated financial institutions have 18 months to comply with the Small Business Lending Fund (SBLF) requirements. Standardized corporate loan forms will improve MSMEs’ access to credit and financial products. The SBLAF aims to help MSME borrowers become more comfortable with the loan process and find formal loan applications less intimidating, as well as enable faster loan processing by increasing the use of digital loan application platforms.
SOUTH KOREA
REGULATOR RELEASES CRYPTO EXAMINATION GUIDELINES
The Financial Supervision Service (FSS) of Korea has developed a plan to support virtual currency accounting after discussions with the Korea Accounting Standards Service and the Korea Institute of Certified Public Accountants (KICPA). The proposed new measures aim to increase transparency and reduce difficulties for companies and auditors working with cryptos. The new guidelines will force companies to make disclosures about crypto issuance and token sales, as well as disclosing the tokens they hold, when preparing mandatory financial statements. The FSS will hold a discussion with another leading regulator, the Financial Services Commission, to seek amendments to existing accounting legislation to include clauses for crypto companies, and will circulate a list of best practice protocols and case studies for companies making crypto disclosures have to do.
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