ChainCatcher news, according to Jinshi reports, former chairman of the China Securities Regulatory Commission, Xiao Gang, stated on December 22 at the "AI + Finance" summit of the National Wealth Development Research Cooperation Platform that artificial intelligence is a "double-edged sword." On one hand, it leads a new round of technological and industrial revolutions, profoundly changing social production and life, as well as fundamentally altering the landscape and models of the financial industry. On the other hand, it also brings various risks and challenges.From the perspective of intelligent finance, Xiao Gang believes that artificial intelligence greatly enhances the ability of financial institutions to identify, warn, and control risks, but it does not disperse or eliminate financial risks. Therefore, the essence of intelligent finance is still finance, and it must adhere to the basic laws of finance. To strengthen the governance of financial AI algorithms and models, Xiao Gang suggests establishing a governance framework for algorithm models, where laws and regulations form the top level, and this framework also includes objectives, organization, tasks, and ecology.

According to ChainCatcher news, the China Securities Regulatory Commission (CSRC) has released 8 financial industry standards, including the "Communication Guidelines for General Blockchain Infrastructure in Regional Equity Markets." The financial industry standard "Communication Guidelines for General Blockchain Infrastructure in Regional Equity Markets" specifies the communication guidelines between the general financial infrastructure based on the "Regulatory Chain - Local Business Chain" dual-layer architecture and the existing systems of regional equity markets. It clarifies the systems, main data objects, business scenarios, and operational instructions involved in 6 types of communication agreements: user registration agreement, asset registration agreement, fund mapping agreement, asset mapping agreement, transfer management agreement, and settlement management agreement. The implementation of these standards is beneficial for fully leveraging the supporting role of the "Regulatory Chain - Local Business Chain" dual-layer blockchain architecture for existing business systems and promoting the transformation and integration of these systems.

According to ChainCatcher news, on the website of the Central Commission for Discipline Inspection and National Supervisory Commission, Yao Qian, former director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission and former director of the Information Center, has been expelled from the Party and public office due to serious violations of discipline and law. Investigations show that Yao Qian used regulatory power to seek benefits for specific technology service providers, involving money-for-power transactions related to virtual currencies, and illegally accepted huge amounts of property.In addition, he also violated the spirit of the Central Eight Provisions by improperly accepting valuable items, accepting banquets, and engaging in irregular operations in employee recruitment and investment shares. After research and decision by the Party Committee of the China Securities Regulatory Commission and relevant disciplinary inspection and supervision departments, Yao Qian has been subjected to serious penalties, and issues involving suspected criminal activities have been transferred to the procuratorial organs for legal review and prosecution.Previous report indicated that Yao Qian was suspected of serious violations of discipline and law, and had previously undergone disciplinary review by the disciplinary inspection team stationed at the China Securities Regulatory Commission and supervisory investigation by the Shantou Municipal Supervisory Committee in Guangdong Province.It is reported that Yao Qian was the first director of the Digital Currency Research Department of the People's Bank of China (CBDC) and was named one of the most influential figures in the blockchain field by Coindesk in 2017. He has published multiple research articles on blockchain technology, digital currency, and Web 3.0, and co-authored the book "Web 3.0: Changes and Challenges of the Next Generation Internet."

ChainCatcher news, according to the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and National Supervisory Commission stationed at the China Securities Regulatory Commission and the Guangdong Provincial Commission for Discipline Inspection and Supervision: Yao Qian, the Director of the Technology Supervision Department and the Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and National Supervisory Commission stationed at the China Securities Regulatory Commission and an investigation by the Shantou Municipal Supervisory Committee of Guangdong Province.It is reported that Yao Qian previously served as the first director of the Digital Currency (CBDC) Research Department of the People's Bank of China and was named one of the most influential figures in the blockchain field by Coindesk in 2017. He has published multiple research articles related to blockchain technology, digital currency, and Web 3.0, and co-authored the book "Web 3.0: Changes and Challenges of the Next Generation Internet."

ChainCatcher news, the Hong Kong Securities and Futures Professionals Association has published a letter to the Hong Kong Treasury Bureau on its official website titled "Proposal to Establish an Independent Self-Regulatory Organization for the Securities, Futures, Asset Management, and Virtual Asset Industries."It points out that "in the context of Hong Kong, our association suggests that the Securities and Futures Commission (SFC) should retain its authority to regulate market conduct (for example: prohibiting insider trading, fraud, and market manipulation), but the licensing power should be separated to a self-regulatory organization composed solely of the securities, futures, asset management, and virtual asset industries (and broadly referring to the licensed intermediaries defined by the SFC). The self-regulatory organization has the authority to lead and coordinate the development of the securities industry, including approving new securities firms, approving advertisements, reprimanding licensed intermediaries for violations of business rules, and even imposing limited sanctions within its scope of authority. Furthermore, for the development and changes in the Hong Kong securities industry, proposals should first be made by the members of the self-regulatory organization to its management committee, and after obtaining a majority consensus, should then be submitted to the relevant institutions (including but not limited to the SFC and exchanges) for review and discussion."