The public consultation on the draft of the Chinese Financial Law has concluded, with little mention of the legal status of digital currencies and the regulatory boundaries of crypto assets.

April 19th (Caixin) — The one-month public consultation on the draft of the People’s Republic of China Financial Law concluded today, April 19. This marks the first comprehensive finance-focused law in both China and globally. A key market concern centers on the expansion of quasi-judicial powers for financial regulators. Under Article 55 and related provisions, regulators may: - Access, copy, and review property rights information, communication records, and transaction logs of relevant entities/individuals during financial violation investigations; - Directly freeze or seize assets if there’s evidence of suspected transfer/concealment of illegal funds or securities; - Bar individuals suspected of illegal acts from leaving the country during probes. Additionally, Zeng Gang — chief expert and director of China’s Shanghai Finance and Development Laboratory — argues the law should strengthen focus on emerging financial formats. Topics driving global debate (AI-driven financial decision-making, digital currency legal status, crypto asset regulatory boundaries) are minimally addressed in the draft. Striking a dynamic balance between regulatory oversight and inclusive innovation remains an unresolved legislative issue.