The European Union and Japan finalized common rules to protect personal information, and launched what they called the “world's largest areas of safe data flows”. Firms can transfer data now that the executive European Commission finds that Japanese law offers “a comparable level of protection of personal data,” the commission said.

Read more: Data flows between the EU and Japan are now ‘safe’

New Zealand denied that telecommunications giant Huawei was banned from a 5G network rollout because it is Chinese, saying the problem it faced was a technological one. Wellington also dismissed suggestions its intelligence services came under pressure from allies in the Five Eyes spy network to bar Huawei amid fears about cybersecurity and its potential links to Beijing.

Read more: New Zealand explains the true reason behind Huawei ban

New Zealand's largest telecoms carrier Spark said that the country's intelligence agency had barred it from using equipment provided by China's Huawei in its 5G network as it posed “significant national security risks”. The move follows reports the United States is urging its allies to exclude the Chinese telecoms giant from 5G rollouts over cybersecurity fears.

Read more: Spark - Huawei 5G collaboration hindered by NZ intelligence agency ban

Hong Kong’s Securities and Futures Commission (SFC) CEO Ashley Alder disclosed that the commission will adopt a “sandbox” regulatory regime for crypto exchanges in the Asian financial hub in order to efficiently monitor digital assets and cryptocurrencies.

Read more: Hong Kong adopts a ‘sandbox’ approach for crypto exchanges

Chinese semiconductor maker Fujian Jinhua Integrated Circuit Co Ltd has been striving to pave the way for “the era of Chinese chips”. However, the Chinese company is facing hurdles notably with the US Justice Department indicting Fujian Jinhua and Taiwan-based United Microelectronics Corp (UMC) for industrial espionage.

Read more: US indictment halts ambitions of Chinese semiconductor

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