The draft of the "Financial Law" has concluded its public consultation, with minimal discussion on the legal status of digital currencies, boundaries of encrypted asset regulation, and related topics.

Deep Tide TechFlow News, April 19 — According to Caixin, the one-month public consultation period for the “People’s Republic of China Financial Law (Draft)” ended today (April 19). This is the first comprehensive law in China and globally that is titled as a financial law. The expansion of financial regulatory authority to include “quasi-judicial powers” is a highly watched topic in the market. According to Article 55 and related provisions, financial regulatory agencies have the authority 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 of suspected transfer or concealment of illegal funds and securities, they can directly freeze or seize assets; even for suspected violations, they can decide that the involved parties are not allowed to leave the country during the investigation.

Additionally, 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 debate globally, but the draft addresses very few of these issues. How to maintain a dynamic balance between lawful regulation and inclusive innovation remains an unresolved challenge for legislation.