BlockBeats News, April 19th. According to Caixin, the one-month public consultation on the “People’s Republic of China Financial Law (Draft)” ended today (April 19th). This is China’s and the world’s first comprehensive law with finance as its focus. A key topic of high market concern is the expansion of quasi-judicial powers in financial regulation. Under Article 55 and related provisions, financial regulatory authorities have the right to access, copy, and review the property rights information, communication records, and transaction records of relevant entities and individuals during the investigation of financial illegal activities; if there is evidence of suspected transfer or concealment of illegal funds and securities, they can directly freeze or seize them; and even for parties suspected of illegal actions, it can be decided that they are not allowed to leave the country during the investigation.
In addition, Zeng Gang, Chief Expert and Director of the Shanghai Finance and Development Laboratory in China, 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 currency, and the regulatory boundaries of crypto assets, which have sparked widespread global controversy, are minimally addressed in the draft. How to maintain a dynamic balance between legal supervision and inclusive innovation is a pending issue left by the legislation.
