ChainCatcher news, the Shanghai No. 2 Intermediate People's Court released a white paper on "Balancing Punishment and Governance" in criminal trials, which disclosed that since 2019, over 600 criminal cases related to quasi-financial trading platforms have been concluded. In terms of investment types, the investment schemes in quasi-financial trading platform crimes are diverse and constantly evolving, shifting from initial investments in physical items like stamps and paintings to financial investments such as futures, options, stocks, and foreign exchange trading, and now extending into emerging fields like NFTs (digital collectibles) and digital currencies.From the statistical data, the top three investment schemes by case volume are futures, stocks, and virtual currencies, accounting for approximately 50%, 20%, and 11%, respectively. Criminals often use WeChat public accounts, mini-programs, and live broadcasts to extensively promote so-called "virtual currencies," leading to an expanding range of related illegal information and a continuous increase in the number of victims.

ChainCatcher news, according to the Mobile Payment Network, the General Office of the Standing Committee of the Shanghai Municipal People's Congress has issued a notice indicating that the 17th meeting of the 16th Standing Committee of the Municipal People's Congress reviewed the "Regulations on Promoting the Application of Electronic Documents Empowered by Blockchain in Pudong New Area (Draft)." In order to further promote legislative democracy, the draft regulations and related explanations are now published to widely solicit opinions from the public for further research and modification, and to be submitted for review at future Standing Committee meetings.The "Regulations on the Application of Electronic Documents" support the integration of the digital RMB system with blockchain infrastructure, promoting the use of digital RMB in application scenarios such as electronic document certification, pricing, payment, settlement, and investment financing.In addition, the "Regulations on the Application of Electronic Documents" also state that relevant departments will be encouraged to manage and share various electronic licenses, electronic documents, and other materials generated in the performance of their duties based on blockchain infrastructure.

ChainCatcher news, the Shanghai High People's Court published an article stating that the Songjiang District People's Court of Shanghai has concluded a dispute case regarding the validity of a virtual currency issuance financing service contract. The court believes that token issuance financing is an illegal public financing behavior, and the "Blockchain Incubation Agreement" involved in the case is invalid.The article points out that virtual currency, as a type of virtual commodity, has property value and is not prohibited by law. Although there are no explicit regulations on virtual currency in Chinese law, regulations issued by the People's Bank of China and other departments have regulated activities related to virtual currency.Therefore, although individuals holding virtual currency purely is not illegal, commercial entities cannot arbitrarily participate in virtual currency investment transactions or issue tokens on their own. Once they touch upon the bottom line of civil and criminal legal principles and rules in their trading activities, they may suffer losses or, in serious cases, be suspected of committing a crime.

ChainCatcher news, according to Jinshi reports, based on the Shanghai financial official WeChat account, to implement the overall requirements of the 20th National Congress of the Communist Party of China regarding "steadily advancing the research and application of digital renminbi," and according to the People's Bank of China's deployment of the digital renminbi pilot work, the Shanghai Municipal Government has formulated a new round of action plan for the pilot application of digital renminbi and held a work deployment meeting on November 4.The action plan clarifies that it aims to further steadily promote the innovation of digital renminbi applications and services, striving to basically form a digital renminbi ecosystem by the end of 2025 that has a wide coverage of scenarios, good payment service experience, rich innovative applications, and active participation from all parties.

ChainCatcher news, at the 2024 Global Digital Commerce Conference held in Shanghai, the National Blockchain Technology Innovation Center released the "National-Level Open Blockchain Network Technology White Paper," which systematically presents the design ideas for a national-level open blockchain network, key technological capabilities for independent innovation, and an open-source collaborative system.The white paper believes that facing complex and significant scenarios such as global trade, finance, and supply chains, and in response to the demand for ultra-large-scale, ultra-high-efficiency, and ultra-secure blockchain applications, the establishment of an ultra-large-scale blockchain network to achieve efficient collaboration and cooperation of data across regions and entities is becoming a new global trend. The national-level open blockchain network utilizes integrated technologies such as blockchain, privacy computing, and zero-knowledge proofs to design and construct a network architecture with high performance and high reliability, ensuring efficient, fast, and secure data transmission and collaboration.Through distributed computing power across the network, it can support seamless connections for various application scenarios, allowing more high-value data resources to be securely shared and efficiently utilized in a "usable but invisible" form, thereby fully unleashing the advanced productivity of high-value data in a large number of key scenarios such as trade, finance, and energy. It can also build an open and shared blockchain ecosystem, contributing to the development of the next generation of the internet.

ChainCatcher news, according to Jinshi reports, A-shares closed with the Shanghai Composite Index up 4.59%, the Shenzhen Component Index up 9.17%, and the ChiNext Index up 17.25%. The trading volume of the Shanghai, Shenzhen, and Beijing markets reached 34,835 billion yuan.

ChainCatcher message, as of now, the trading volume of the Shanghai and Shenzhen stock markets has exceeded 1.9 trillion yuan, an increase of over 800 billion yuan compared to the same time yesterday, with the Shanghai market trading volume at 843.6 billion yuan, the Shenzhen market at 1,043.1 billion yuan, and the North Exchange 50 trading volume at 13.2 billion yuan.

ChainCatcher news, according to Jinshi reports, Shanghai officially launched the pilot program for "blockchain-based bulk commodity supply chain financing" this afternoon. The first four bulk commodity trading companies that settled on the platform, along with the Nonferrous Metals Trading Center and Shanghai Port Cloud Warehouse, signed a strategic cooperation agreement with Bank of Communications.The launch of the pilot program for "blockchain-based bulk commodity supply chain financing" in Shanghai aims to leverage financial technology innovation, utilize the government's guarantee fund, and promote the development of blockchain-based supply chain finance to better serve the real economy.

ChainCatcher news, the Shanghai Municipal Government Information Office held a press briefing to introduce the recently issued "Action Plan for Promoting the Construction of a Global Financial Technology Center in Shanghai" (hereinafter referred to as the "Action Plan"). He Weili, Deputy Director of the Technology Supervision Department of the Shanghai Financial Regulatory Bureau, stated that the Shanghai Financial Regulatory Bureau will focus on the main content and emphasize "three promotions." Promote the innovative application of financial technology in the banking and insurance industries. In the future, the Shanghai Financial Regulatory Bureau will guide banks and insurance institutions within its jurisdiction to strengthen the innovative application of financial technology, supporting institutions in utilizing technologies such as artificial intelligence, blockchain, the Internet of Things, and big data to promote product and service innovation, providing customers with more personalized, diversified, and customized financial products. (Jin Shi)

ChainCatcher news, in order to further optimize the business environment and enhance the convenience of cross-border tax payment, since February 2024, the Shanghai headquarters of the People's Bank of China has been actively exploring new models for cross-border remittance and tax payment in collaboration with the Shanghai Municipal Taxation Bureau of the State Administration of Taxation. By utilizing blockchain technology, a "one-stop" online service for cross-border electronic tax payment, including overseas remittance, tax payment, and storage, has been achieved, effectively addressing the three major pain points of non-resident enterprises in cross-border remittance and tax payment: "multiple runs," "high costs," and "difficult foreign exchange settlement."As of the end of August 2024, the new model for cross-border remittance and tax payment in Shanghai has cumulatively completed tax payments of 1.486 billion yuan. The pilot banks include ICBC, ABC, and Bank of China in the city, with currencies involving RMB, USD, EUR, JPY, etc., and tax types covering corporate income tax and stamp duty. (Jinshi)

ChainCatcher news reports that the Xuhui District People's Procuratorate of Shanghai has released a notice regarding crimes related to virtual currencies. Since 2022, the procuratorate has handled 23 criminal cases involving virtual currencies, affecting 45 individuals, with the number of cases accepted showing an upward trend for three consecutive years. At the same time, related cases exhibit characteristics such as complex methods of operation, technical specialization, concealment, and high amounts of crime. In the cases handled, the average illegal gains of the criminals exceeded 1 million yuan, with some cases involving illegal gains of over 5 million yuan.In addition, according to Xinmin Evening News, in response to the increasing number and significant amounts of crimes related to virtual currencies in recent years, the Xuhui District Procuratorate and the Xuhui District Public Security Bureau have jointly signed the "Guidelines for the Disposal of Virtual Currencies in Criminal Proceedings," which provides more detailed and clear regulations for the entire process and various aspects involved in handling virtual currency cases, including evidence collection, seizure and custody, and transfer for disposal, offering specific guidance for the lawful disposal of virtual currencies involved in cases.

ChainCatcher message, the full text of the revised "Regulations on Promoting the Construction of an International Financial Center in Shanghai" has been released, which states that the Shanghai Municipal People's Government shall cooperate with the central financial management departments to steadily promote the research and application of digital RMB in the city, build functional platforms such as a digital RMB innovation and operation center, facilitate the cross-border use of digital RMB, study applications of digital RMB supporting blockchain value system payments, and promote more projects to be included in the multilateral central bank digital currency bridge.The local financial, development and reform, finance, commerce, transportation, data, civil affairs, education, and other departments of Shanghai should cooperate with the central financial management departments in the city's institutions to promote the application and promotion of digital RMB, innovate and enrich the application scenarios of digital RMB.The local financial department of Shanghai should cooperate with relevant municipal departments to support financial institutions, fintech companies, and others in participating in the construction of urban computing power infrastructure, blockchain infrastructure, public data open infrastructure, and so on. The city supports financial institutions, financial infrastructure operation institutions, and others in strengthening the application of technologies such as blockchain, artificial intelligence, and big data, improving risk control systems, and expanding the supply of financial products and services.

ChainCatcher news, the chairman of the Shanghai Clearing House, Ma Jianyang, led a team to visit and investigate the Digital Currency Research Institute of the People's Bank of China. The director of the Digital Currency Research Institute, Mu Changchun, met and held discussions, and both parties signed a business cooperation agreement. The two sides conducted in-depth exchanges on topics such as the positioning of their respective financial infrastructure responsibilities, strategic planning, and innovation paths, and unanimously agreed to take the signing of the business cooperation agreement as an opportunity to provide precise and effective services for the central bank's duties and the high-quality development of the financial market through solid and orderly system connections and business collaboration, thereby implementing the spirit of the 20th National Congress of the Communist Party of China and contributing to the realization of the goal of a strong financial nation.

ChainCatcher news, the People's Procuratorate of Xuhui District, Shanghai announced through its official public account that local police have cracked a case involving the illegal theft of virtual currency using backdoor programs. According to informed sources, during the investigation, Huobi HTX actively cooperated with Shanghai Public Security to gather evidence, using on-chain data to identify the criminals and assist the police in swiftly solving the case.In this case, the victim, Mr. Ou, had virtual currency worth millions of RMB stolen from a wallet software. Investigations revealed that four wallet developers had implanted backdoor programs in the wallet software used by Mr. Ou to obtain user private keys, mnemonic phrases, and other information, with one person stealing Mr. Ou's virtual currency.Ultimately, the Xuhui District People's Court sentenced the four defendants to fixed-term imprisonment and imposed fines for the crime of illegally obtaining data from computer information systems. The successful resolution of this case and the court's ruling indicate that the act of stealing others' virtual currency constitutes a crime, and the state not only protects virtual currency assets but also combats crimes that infringe upon virtual currency.

ChainCatcher news, according to a report from China News Network in Shanghai, guided by the Shanghai Municipal Science and Technology Commission, the Liberation Daily and the School of Economics at Fudan University jointly released the first WEB3.0 industry report titled "2024 Shanghai WEB3.0 Innovation Ecosystem Construction Research Report." Experts suggest researching "Token Economics." Meng Yan, co-author of the ERC-3525 token standard, recommends that domestic government departments accelerate the research and formulation of Token regulation policies to provide security for the 'Token Economy' and digital assets.Xu Xiaoyu, managing partner of Amino Capital from Silicon Valley, stated, "Token Economics" is on the rise, and governments, universities, and research institutions can conduct in-depth studies on this field of economics to provide academic support for the prosperity of the next generation of the internet and the construction of innovative regulatory systems.

ChainCatcher news, the People's Government of Jiading District, Shanghai, issued the "Action Plan for Further Promoting New Infrastructure Construction in Jiading District (2024-2026)." It mentions the construction of metaverse infrastructure. Relying on positions such as Yuanchuang Bay and Nanxiang Game Valley, it will comprehensively apply metaverse technologies such as AIGC, three-dimensional digital space, virtual digital humans, AR/VR, and blockchain to create interactive, scenario-based, and immersive metaverse demonstration application scenarios. It supports the empowerment of the automotive industry by metaverse technology, focusing on sub-sectors like "Metaverse + Smart Cockpit" and "Metaverse + Smart Manufacturing," concentrating on technology research and development, scenario creation, and technology transformation to establish benchmarks and models for the automotive metaverse industry. Relying on the "Aishang Jiading" digital display and promotion platform, it promotes the digital service supply of cultural and tourism venues such as public libraries, museums, and scenic spots. It encourages multiple entities to participate in the construction of the Shanghai cultural data service platform, supports industry entities to legally carry out data collection and processing, and guides the sharing and utilization of data resources.