The draft “Financial Law” has concluded its public consultation period, with minimal coverage of issues such as the legal status of digital currencies and the regulatory boundaries for crypto assets.

According to Caixin, the one-month public consultation period for the “Draft Financial Law of the People’s Republic of China” concluded today (April 19), marking the first overarching financial law—both in China and globally—to bear the name “financial law.” A key issue drawing intense market attention is the draft’s expansion of financial regulators’ powers into quasi-judicial authority. Under Article 55 and related provisions, financial regulatory authorities are empowered to review and copy property rights information, communication records, and transaction records of relevant entities and individuals during investigations into financial violations; where evidence exists indicating suspected transfer or concealment of illicit funds or securities, authorities may directly freeze or seal such assets; and even suspects may be barred from leaving the country during the investigation period. Moreover, Zeng Gang, Chief Expert and Director of the Shanghai Financial Development Laboratory, argues that the Financial Law should also strengthen its focus on and coverage of emerging financial sectors. Issues already sparking broad global debate—including AI-driven financial decision-making, the legal status of digital currencies, and the regulatory boundaries for crypto assets—are barely addressed in the draft. Striking a dynamic balance between rule-of-law-based regulation and innovation-friendly inclusivity remains an unresolved challenge posed by this legislation.