The public consultation period for China's first draft Financial Law has ended: It addresses very little regarding the legal status of digital currencies and the regulatory boundaries for crypto assets.

CoinFeed reported on April 19th that, according to Caixin.com, the one-month public consultation period for the draft "Financial Law of the People's Republic of China" ended today (April 19th). This is China's, and indeed 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, when investigating financial violations, have the right to access and copy the property rights information, communication records, and transaction records of relevant entities and individuals; they can directly freeze or seize funds and securities if there is evidence of suspected transfer or concealment of illegal funds and securities; and they can even decide that parties suspected of violating the law 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.