LATEST ASIAN NEWS - December Edition

Welcome to "Latest Asian News," a segment presented by GWA ASIA to bring you the latest happenings across the Association of Southeast Asian Nations (ASEAN) region:

China

  • Easing restrictions on cross-border data transfers: The Chinese government has relaxed some of the previous restrictions on cross-border data transfers, allowing for more data transfers to countries with "strong data protection regulations."

  • New regulations for online loan platforms: New regulations have been introduced for online loan platforms, aiming to curb excessive lending and protect borrowers. Online loan platforms must now obtain a license and conduct risk assessments on borrowers.

Vietnam

  • New regulations on e-commerce payment: New regulations have been issued on e-commerce payment, ensuring the safety and security of online transactions. E-commerce platforms must use licensed payment providers and implement fraud prevention measures.

  • Streamlined process for obtaining business licenses: The process for obtaining business licenses has been streamlined, making it easier for businesses to start up and operate in Vietnam. Businesses now need to submit only one application to the Ministry of Planning and Investment.

Singapore

  • New tax incentives for research and development (R&D): New tax incentives for R&D have been introduced to boost innovation and economic growth. These include tax breaks for R&D expenditure and a tax deduction for hiring R&D employees.

  • Enhancing data protection regulations for government agencies: New guidelines for government agencies on data protection have been issued, strengthening the protection of personal data held by the public sector. Government agencies must conduct data protection impact assessments and appoint data protection officers.

Thailand

  • New regulations on cryptocurrency trading: New regulations on cryptocurrency trading have been issued, aiming to regulate the cryptocurrency market and protect investors. Cryptocurrency exchanges must register with the Securities and Exchange Commission (SEC) and comply with operational requirements.

  • Streamlined process for obtaining construction permits: The process for obtaining construction permits has been streamlined, making it easier for businesses to develop and invest in real estate projects. Businesses now need to submit only one application to the Department of Urban Planning and Engineering.

Hong Kong

  • Enhancing data security for critical information infrastructure (CII): New measures have been introduced to enhance data security for critical information infrastructure (CII), which is essential for services like telecommunications, energy, and financial services. Operators of CII must implement security measures and report data security incidents to the government.

  • New regulations on financial technology (FinTech): New guidelines for FinTech have been issued, aiming to regulate the FinTech industry and protect consumers. FinTech companies must comply with regulatory requirements and conduct risk assessments.

Japan

  • New regulations on social media: New regulations on social media have been introduced to prevent the spread of misinformation and protect children. Social media platforms must remove illegal content and provide users with privacy policy information.

  • Enhancing data protection for medical records: New guidelines for the protection of medical records have been issued, strengthening the protection of patients' privacy. Healthcare providers must implement data security measures and obtain patient consent before using medical records for non-medical purposes.

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