Vice Chairman of the China Banking and Insurance Regulatory Commission: Special prudential regulatory rules should be formulated and issued in a timely manner for emerging financial technology activities such as blockchain

ChainCatcher News, Xiao Yuanqi, Vice Chairman of the China Banking and Insurance Regulatory Commission, stated at the 2022 Hong Kong FinTech Week event that emerging technologies such as mobile internet, big data, and blockchain are gradually being applied in the financial sector, continuously changing the service channels, business models, and even the industry landscape of finance. "We adhere to the principle that financial businesses must operate with a license, bringing all financial activities under financial regulation, continuously improving and revising existing financial regulatory provisions, and timely formulating specialized prudential regulatory rules for emerging financial technology activities." (Source link)