The public consultation on the draft of the Chinese "Financial Law" has ended, with minimal discussion on the legal status of digital currency and the regulatory scope of crypto assets.

BlockBeats News, April 19. According to Caixin, the one-month public consultation on the "People's Republic of China Financial Law (Draft)" ended today (April 19). This is China's and also the world's first comprehensive law with finance as its focus. One key issue that has drawn significant market attention is the empowerment of financial regulators with "quasi-judicial powers." According to Article 55 and related provisions, financial regulators have the authority to access, duplicate, and review the property rights information, communication records, and transaction records of relevant entities and individuals during investigations into financial illegal activities; in cases where there is evidence of suspected illegal fund and securities transfers or concealment, they can directly freeze or seize assets; and even for individuals suspected of illegal activities, they can be prohibited from leaving the country during the investigation.

Furthermore, Zeng Gang, Chief Expert and Director of the Shanghai Laboratory of Financial Innovation, believes that the "Financial Law" should also strengthen its focus on 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 already triggered widespread global debate, are scarcely mentioned in the draft. How to maintain a dynamic balance between lawful regulation and innovation inclusiveness is a pending issue left by the legislation.