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The consultation on the draft “Financial Law” has concluded, with very little—if any—coverage of issues such as the legal status of digital currencies and the regulatory boundaries for crypto assets.

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ME News Report, April 19 (UTC+8), the one-month public consultation on the "People's Republic of China Financial Law (Draft)" ended today (April 19). This is the first comprehensive law in China and the world that is titled as a financial law. The expansion of financial regulatory "quasi-judicial powers" granted by the draft is a highly regarded topic in the market. According to Article 55 and related provisions, financial regulatory authorities have the right to review and copy property rights information, communication records, and transaction records of relevant entities and individuals when investigating financial violations; if there is evidence proving suspected transfer or concealment of illegal funds and securities, they can directly freeze or seize them; even, for parties suspected of violations, they can decide that they are not allowed to leave the country during the investigation. In addition, Zeng Gang, chief expert and director of the Shanghai Financial and Development Laboratory, believes that the "Financial Law" should also strengthen its focus and coverage of emerging financial formats. Topics such as AI-driven financial decision-making, the legal status of digital currencies, and the regulatory boundaries of crypto assets have already sparked widespread controversy worldwide, but the draft addresses very little of these issues. How to maintain a dynamic balance between lawful regulation and inclusive innovation remains a pending question for legislation. (Source: ODaily)
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