Delayed Vote On Sanctions Law 'not Unusual': Scholar
"); jQuery("#212 h3").html("

"); });
2021-08-20 HKT 17:10
A mainland scholar on Friday played down Beijing’s decision to postpone a vote on inserting the anti-sanctions law into Hong Kong’s Basic Law, saying it’s not unusual given the profound impact it could have on the SAR’s markets.
Tien Feilong, an associate professor of law at Beijing’s Beihang University said details have to be worked out on how the mainland law would be implemented in Hong Kong.
For example, he said the central government has to decide how local authorities should coordinate with mainland’s enforcement mechanism, and whether companies based in Hong Kong can apply for exemptions.
Tien said Beijing also need to make sure the “brand new” anti-sanctions law will cause as little impact to the Hong Kong market as possible.
The scholar, who’s also the director of the Chinese Association of Hong Kong and Macau Studies, noted that the law may also have a bearing on the SAR’s ties with the United States which has a lot of commercial activities in the city.
He said the central government has to assess the risks of the US decoupling from Hong Kong and its possible attacks on the SAR’s economic and trade status after the law is introduced.
Tien also said it's not unusual for the National People’s Congress Standing Committee to postpone a vote, as it might vet a resolution for up to three times before voting on it.
Tien said he believed the central authorities did consider the current Legislative Council's term is coming to an end next month, but he said it's just a technical factor and it's not a must to complete the local legislation in this current term.
SBI Holdings To Acquire Bitbank In US$289M Crypto Expansion
SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, w... Read more
4 Ways Hong Kong Banks Fight Financial Crime Using AI, According To HKMA
The Hong Kong Monetary Authority (HKMA) wants banks to use AI in financial crime as a way to counter cyberattacks and s... Read more
Ripple Launches RLUSD Stablecoin In Japan Through SBI Group
Ripple has launched its US dollar-denominated stablecoin, Ripple USD, in the Japanese market. The expansion follows reg... Read more
SBI And Startale Launch Trust Bank-Backed Yen Stablecoin JPYSC In Japan
SBI Group has introduced its trust based stablecoin JPYSC in partnership with Singapore-based fintech company Startale ... Read more
Visa Study: Digital Wallets Lead Greater Bay Area Payment Preferences
Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shi... Read more
European And South Korean Banks Form Project Pangea For FX Settlement
Chainlink, South Korean infrastructure provider FairSquareLab, the Unified Korea Alliance (UniKA), and European stablec... Read more
