Turkey is taking steps to prevent the laundering of criminal proceeds from illegal betting and fraud through cryptocurrency transactions, Finance Minister Mehmet Simsek said on Tuesday, Reuters reported. On his X account, he reposted an article by state-owned Anadolu news agency saying Turkey was preparing to introduce transfer limits and mandatory waiting periods for withdrawals on crypto assets.
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Thailand’s central bank makes its rate decision on Wednesday against a tense backdrop marked by political tension at home and uncertainty abroad, the Wall Street Journal reported. The exit of the second-largest party in Thailand’s ruling coalition has left Prime Minister Paetongtarn Shinawatra’s Pheu Thai Party hanging by a thread, amid calls for her resignation, analysts say. “Political uncertainty now casts a pall on an already weak economy,” Vishnu Varathan of Mizuho Securities said in a note, adding that it exacerbates the threat posed by ongoing tariff-related tensions.
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Zhejiang Hozon New Energy Automobile, the owner of Chinese electric vehicle brand Neta, officially entered bankruptcy proceedings on Thursday, China's state broadcaster CCTV reported on Friday, Reuters reported. Multiple Neta stores in Shanghai have been closed, the report said. According to China's national corporate bankruptcy disclosure platform, a creditor last month filed a bankruptcy petition against the firm. Read more.
Hong Kong recorded 949 bankruptcy petitions in May, up 17 percent from the previous month, marking the first time since 2022 that monthly filings exceeded 900, data from the Official Receiver's Office shows, The Standard reported. The figure is also 9 percent from a year ago. However, the number of bankruptcy or receiving orders issued by the court dropped to 712 last month, down over 24 percent from April, though still up around 14 percent year-on-year.