TechFlow reported on February 17 that according to an article published by the website of the Central Commission for Discipline Inspection and National Supervisory Commission, Yao Qian, former director of the Technology Regulation Department and former director of the Information Center at the China Securities Regulatory Commission (CSRC), has been investigated for accepting bribes in cryptocurrency through abuse of his position. Different from traditional forms of bribery, Yao's case involved using cryptocurrencies for power-for-money transactions, which are more difficult to detect, investigate, and secure evidence due to their concealment and cross-border characteristics.
In response to the issues exposed by this case, the CSRC has improved its full-process control mechanism for information system construction, reduced discretionary authority, strengthened procurement management and external oversight, and enhanced education and management of technical professionals to prevent integrity risks.
