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Financial regulation

Financial regulation
Key developments in regulation of financial markets with a focus on those in Hong Kong and mainland China.
last updated:
9 September, 2024
Changpeng Zhao, founder and CEO of Binance. Photo: Getty Images
United States

Binance, Changpeng Zhao lose US Supreme Court appeal in unregistered tokens suit

The court’s decision allows a class-action lawsuit to proceed, finding that US securities laws apply despite Binance’s foreign operations.

Banking & finance

Hong Kong digital banks consider branches after HKMA rule change

Crime in Hong Kong

Hong Kong anti-corruption agency charges ex-official at securities watchdog

Blockchain

Bitcoin doubles in 2024, as analysts expect more gains in 2025

‘We remain convinced US$100,000 is not the final milestone,’ analysts at brokerage Bernstein say.

Bitcoin surged 120 per cent in 2024. Some analysts expect more gains this year. Photo: dpa
Banking & finance

Hefty fines reflect resolve of China’s central bank as bond yields plunge

Three institutions are slapped with multimillion-dollar penalties for bypassing regulatory requirements – the first such action taken after PBOC warnings this year.

Cryptocurrency

China’s new forex rules require banks to tighten scrutiny on crypto trades

The State Administration of Foreign Exchange wants banks to monitor and report risky trades, including those involving cryptocurrencies.

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Banking & finance

Naughty bankers: China’s financial crackdown saw dozens investigated in 2024

With hopes of becoming a ‘financial superpower’, China has been ramping up efforts to curb risks and keep malfeasance in check.

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Around 90 financial-industry executives have been investigated in China this year, with 70 per cent of the cases involving the banking system. Photo: Shutterstock
Cryptocurrency

Trump-fuelled bitcoin rally loses steam as year draws to a close

Scaled-back expectations for interest-rate cuts by the US Federal Reserve have cooled the speculative frenzy in the cryptocurrency market.

Digital currencies

As stablecoin bill advances in Hong Kong legislature, advocates trumpet it

Stablecoins have the ability to expand their usage in the real financial economy, according to industry experts.

Hong Kong

Editorial | Cooperate to tackle Hong Kong money laundering

US allegations against Hong Kong are not only misguided but also counterproductive to battling a crime that recognises no borders.

Hong Kong customs officers lead away a suspect in a HK$1.6 billion money laundering case in October. Hong Kong is hard at work combating money laundering, which relies on international cooperation to be effective. Photo: Handout
Banking & finance

China’s record-low government bond yields spark fresh warning from central bank

Institutions are being warned as bearish investor sentiment, and an expectation of lower interest rates, continue to make the bond market a sought-after haven.

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China’s 10-year bond yield has continued its extended slump, hitting a record low this month as investors scramble for safe-haven options such as ultra-long-term bonds. Photo: AFP
Banking & finance

Hong Kong set to host global heavyweights at Asian Financial Forum

The event on January 13 and 14 will bring together 100 global policymakers, business leaders, investors and experts.

Banking & finance

Cybersecurity regulator to continue crackdown on illegal financial services

Cyberspace Administration of China says it has taken action against a number of accounts on social media platforms.

China's economic recovery

China may bank on balance-sheet expansion, not rate cuts, for growth: economist

While Beijing is unlikely to implement universal consumption subsidies, officials may try to boost spending by raising incomes, according to Nomura’s Lu Ting.

China’s Politburo has underscored the “all-round” expansion of domestic demand as a priority for next year, calling to vigorously boost consumption. Photo: AFP
Banking & finance

China pushes M&A to build 10 hi-tech firms to be globally competitive by 2027

The industries in question include integrated circuits, biopharmaceuticals and new materials.

The skyline of Shanghai. Photo: Xinhua
Wealth management

Mainland Chinese investors unimpressed with Wealth Management Connect expansion

Restrictive marketing rules and stringent eligibility requirements will continue to deter wealthy Chinese from the scheme, analysts say.

Ant Group

Jack Ma makes rare speech at Ant Group’s 20th anniversary

The Chinese entrepreneur addresses the fintech giant for the first time since it withdrew its mega IPO in 2020.

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Digital currencies

Hong Kong to introduce stablecoin bill to regulate virtual token

The government published the Stablecoins Bill in the gazette on December 6; first reading in the Legislative Council set for December 18.

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If passed, the Hong Kong Monetary Authority will be empowered to supervise, investigate and enforce the regulatory regime. Photo: Shutterstock Images
Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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China economy

Opinion | China’s move to centralise oversight of financial sector shouldn’t be feared

Stronger party control over the financial sector will allow the building of a more cohesive framework for further orderly decentralisation.

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IPO

Hong Kong to fast track mainland Chinese firms’ IPOs to revive market

Listing approvals for China’s onshore-listed companies will be streamlined provided they meet certain criteria, HKEX CEO Bonnie Chan says.

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HKEX CEO Bonnie Chan Yiting said the exchange has received more than 100 listing applications this year, with many planning to raise at least US$1 billion or more. Photo: Jonathan Wong
Hong Kong politics

Hong Kong slams ‘malicious slander’ by US lawmakers over money-laundering claims

Government describes allegations in lawmakers’ letter to US Treasury Secretary Janet Yellen as ‘grossly unfounded’.

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US Treasury Secretary Janet Yellen. Photo: AFP
US-China relations

Hong Kong is becoming hub for financial crime, US lawmakers say

In a letter, US lawmakers have asked Treasury Secretary Janet Yellen to rethink ties with Hong Kong’s banking sector.

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China trade

Russia’s ‘economic isolation’ seen benefiting China amid fresh US sanctions

While trade between China and Russia may be affected in the short term, Beijing’s leveraging power in future negotiations is getting stronger, analysts say.

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IPO

Hong Kong to boost financial reforms to aid Chinese firms: Paul Chan

Amid geopolitical tensions, city can help mainland firms that are struggling to raise funds abroad, financial secretary says.

Financial Secretary Paul Chan Mo-po speaks at the Guangdong-Hong Kong-Macau Greater Bay Area Listed Companies Summit on November 25, 2024. Photo: Handout
Banking & finance

Citigroup CEO meets Chinese officials as Beijing touts financial market reforms

Fraser said the Wall Street bank will ‘further its participation in the market to help promote US-China economic ties and trade’.

Chinese Vice-Premier He Lifeng met Citigroup CEO Jane Fraser at the Great Hall of the People in Beijing on Thursday. Photo: Xinhua
Banking & finance

Top bankers stress resilience and wisdom key to navigating uncertainty

Speakers at the Global Financial Leaders’ Investment Summit say collaboration and strategic thinking hold the key to tackling a divided world.

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Singapore

Singapore ends pursuit of 15 laundering suspects who surrendered US$1.4 billion

Much of the illicit funds in the record money laundering scandal came from illegal gambling and unlicensed money lending in China.

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