The public consultation period for the draft Financial Law has ended, with minimal discussion on the legal status of digital currencies and the regulatory boundaries for crypto assets.

According to Caixin, the month-long public consultation period for the draft "Financial Law of the People's Republic of China" ended today (April 19). This is China's, and the world's, first overarching law specifically addressing finance. The expansion of "quasi-judicial powers" granted to financial regulators in the draft is a topic of great market interest. According to Article 55 and related provisions, financial regulatory authorities have the right to access and copy the property rights information, communication records, and transaction records of relevant entities and individuals when investigating financial violations; they can directly freeze or seize funds and securities if there is evidence of suspected transfer or concealment of illegal funds; and they can even decide that suspected parties cannot leave the country during the investigation. Furthermore, Zeng Gang, chief expert and director of the Shanghai Financial and Development Laboratory, believes that the "Financial Law" should also strengthen its focus on and coverage of emerging financial business models. Issues such as AI-driven financial decision-making, the legal status of digital currencies, and the regulatory boundaries of crypto assets—issues that have already sparked widespread debate globally—are largely absent from the draft. How to maintain a dynamic balance between legal regulation and inclusive innovation remains an unresolved challenge for the legislation.