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Israel: Knesset Passes Medical Tourism Legislation

(Sept. 25, 2018) On July 18, 2018, the Knesset (Israel’s Parliament) approved the Medical Tourism Law, 5778-2018 (SEFER HAHUKIM [SH] 5778 No. 2750 p. 963, Ministry of Justice website (in Hebrew; click on issue No. 2750). The Law regulates the medical tourism industry in Israel. Among other things, it introduces registration requirements for medical tourism […]

Japan: Law to Establish Casino Resorts Enacted

(Sept. 20, 2018) The Act on Development of Specified Complex Tourist Facilities Areas was enacted in Japan in July 2017. (Integrated Resort Development Act, Act No. 80 of 2018, KANPOU [OFFICIAL GAZETTE] Extra ed. No. 166 (July 27, 2018), at 18, National Printing Bureau website (in Japanese).) This Act corresponds to the Act on Promotion […]

Liechtenstein: Government Adopts Consultation Report on Draft Blockchain Act

(Sept. 20, 2018) On August 28, 2018, the government of Liechtenstein adopted a consultation report on a proposed Blockchain Act. The goal of the Blockchain Act is to take advantage of the potential of blockchain technology, create legal certainty for market participants, protect users of blockchain technology from potential abuse, and reduce potential reputation risks […]

Malta: Government Passes Three Laws to Encourage Blockchain Technology

(Aug. 31, 2018) On July 4, 2018, the Maltese government enacted three laws whose goal is to make Malta a haven for projects that rely on blockchain and other distributed ledger technology (DLT). The Malta Digital Innovation Authority Act (MDIA Act), Innovative Technology Arrangements and Services Act (ITAS Act), and Virtual Financial Assets Act (VFA […]

European Union: New Rules for Money Market Funds

(Aug. 31, 2018) On July 21, 2018, new rules to make money market funds (MMFs) more resilient against financial market difficulties, reduce the risk of runs, and limit cross-border contagion began applying to newly issued MMFs in the European Union (EU). Existing MMFs must show compliance by January 21, 2019. MMFs are mutual funds that […]

Japan: Short-Term Home Rentals Restricted by Many Local Governments

(Aug. 31, 2018) In June 2017 the Diet (Japan’s Parliament) enacted the House Sharing Business Act, which regulates short-term home renting (minpaku). (Sayuri Umeda, Japan: Law on Renting Rooms in Private Homes to Tourists, GLOBAL LEGAL MONITOR (June 16, 2017).) The new law became effective on June 15, 2018. (Press Release, Japan Tourism Agency, Cabinet […]

Japan: Age of Adulthood to Be Lowered to 18 in 2022

(Aug. 30, 2018) The Diet (Japan’s Parliament) passed an act in June 2018 to amend the Civil Code and other laws (Act No. 59 of 2018, KANPOU [OFFICIAL GAZETTE] Extra Ed. No. 132, at 6 (June 20, 2018), National Printing Bureau website (in Japanese)) to lower the age of adulthood to 18 (CIVIL CODE, as […]

New Zealand: Bill Banning Foreigners from Purchasing Homes Passed

(Aug. 29, 2018) On August 15, 2018, the New Zealand Parliament passed the Overseas Investment Amendment Bill (the Bill), which includes provisions that will generally prohibit foreign residents from purchasing existing residential land in New Zealand by categorizing it as “sensitive land.” (Overseas Investment Amendment Bill, PARLIAMENT OF NEW ZEALAND (last visited Aug. 23, 2018); […]

Egypt: President Ratifies Law Amending Residency and Citizenship Laws

(Aug. 27, 2018) On August 14, 2018, Egyptian President Abdel Fattah al-Sisi ratified Law No. 173 of 2018, which allows foreign nationals who deposit at least 7 million Egyptian pounds (EGP) (about US$391,000) in local Egyptian banks to be granted a five-year residency and the opportunity to apply for Egyptian citizenship. (Law No. 173 Amending […]

Japan: Commercial Code Amended, Language Modernized

(Aug. 27, 2018) Japan’s Commercial Code (Act No. 48 of 1899, as amended, e-Gov website (in Japanese)) was amended and promulgated on May 25, 2018. (Act No. 29 of 2018, KANPOU [OFFICIAL GAZETTE], Extra Ed. No. 111, at 4 (May 25, 2018), National Printing Bureau website (in Japanese).) The highlights of the amendment include the addition […]