Blockchain technologies are inherently international, and China has had its share of news lately. I have spoken on China and web3 from both business and national security perspectives. These new technologies present challenges and opportunities both inside and outside China. This post focuses on the for-profit blockchain developments and opportunities in China.
In its design and use of the National Security Law, Beijing has been quite transparent. The question for foreign businesses is whether they are willing to be as clear-eyed.
For international businesses, the takeaways should be clear. First, the trend of increasing oversight of business activities by the Chinese authorities continues. As readers of this blog will have noted, this is a recurring theme in much recent Chinese legislation, even that coming out of the special administrative regions, such as Macau's new gaming law. Second, engaging in monopolistic practices in China is now a riskier endeavor, with increased penalties for companies and personal liabilities for responsible officers. When dealing with competitors and trading partners, businesses must beware the AML and give it a wide berth to any activity that could be construed as a monopolistic practice.
For the past several months we have been engaged in many transactions relating to China with companies still doing business in China. These companies recognize both the business opportunities and the business risks. (Those who do not fully understand the risks are still doing their business deals without the help of a lawyer on the front end, which means we usually hear from them when something has gone wrong.)
Macau has a new gaming law as of June 21, 2022. On that day, Macau’s Legislative Assembly approved Law No. 7/2022, which amends a 2001 law. While the legal framework for gambling remains fundamentally unchanged, the amended law offers a hint of what is to come, not just for Macau’s casinos, but for Macau itself.
today I am turning that alarm to an eleven out of ten because of the kerfuffle surrounding Nancy Pelosi's expected visit to Taiwan. I do not know for certain whether Speaker Pelosi will go to Taiwan or not, but I am thinking that she will. Most importantly, I have no clue what China's reaction to her visit will be. But I am certain that this trip will substantially worsen relations between China and the West and that those relations will either stay at that lower level or, more likely, continue to get worse.
A China company chop is an official seal or stamp that legally binds the company to what it has agreed to in the document on which its company chop has been stamped. Under Chinese law, a company chop is strong legal evidence of the agreement of the company whose chop is on the document. The company chop (a.k.a company seal or company stamp) essentially replaces a signature on contracts and other important documents. The company chop binds the entire company, usually no matter who (if anyone) actually puts their signature on the document.
For importers of Chinese products, this coming June 21 will be a critical date. On that day, a rebuttable presumption that all products made in Xinjiang violate the U.S. forced labor statute will come into effect. The rebuttable presumption is mandated by the Uyghur Forced Labor Protection Act (UFLPA), which was signed into law by
China Challenge Summit with business leaders talking about China's future and viable alternatives to China.
How to Close Your China Business. Reasons to leave China and how to do it correctly.
