A highlight from 'Shanghai makes moves to boost blockchain adoption.' Sep 27, 2023


It's 8 a .m. Eastern, September the 27th, and this is your Daily Crypto Report. Bitcoin is up slightly at $26 ,789, ETH is up slightly at $1 ,626, and Binance Coin is down slightly at $215. The second intermediate people's court in Shanghai recently has called Bitcoin a unique and non -replicable asset. This move represents a shift from China's typically strict anti -crypto policy, providing Bitcoin with a newfound layer of legitimacy. Despite a nationwide crypto ban in China, the court's ruling indirectly acknowledges the financial nature of digital currencies. It delves into the complexities of Bitcoin's legal status, emphasizing its monetary and property attributes. The ruling came just before the Shanghai municipal government unveiled an action plan to boost blockchain development in the city by 2025. The plan aims to achieve breakthroughs in blockchain system security, cryptographic algorithms, smart contracts, and more. These advancements will support the municipal blockchain basic service platform and various sectors like government affairs, cross -border trade, finance, metaverse, and data circulation. The plan emphasizes talent development in the blockchain industry, encouraging institutes and companies to hire blockchain professionals and nurture young talents. This initiative aligns with China's ongoing focus on blockchain technology despite banning crypto transactions in 2021. While Binance is selling its entire Russian business to ComX as part of its exit from the market due to compliance concerns, Binance's chief compliance officer stated that operating in Russia no longer aligns with the exchange's compliance strategy. ComX, a recently launched crypto exchange, will take over Binance's Russia operations. Binance's exit from Russia includes the discontinuation of all exchange services and business lines in the country. Unlike some international companies in Russia, Binance will not retain any ongoing revenue split or an option to repurchase shares in the business. More on Binance, the firm has reopened its crypto exchange platform for registration and access in Belgium three months after the country's financial regulator ordered it to cease operations. Now to continue using Binance, Belgian users must accept Binance Poland's terms of use and resubmit KYC verification per Polish regulatory requirements. The move follows Binance's regulatory challenges in various European countries, including France, where it's reportedly under investigation for money laundering. And finally, Sam Bankman -Fried won't be able to tell the jury about his pretrial detention in jail, among other factors. During his upcoming trial, a district court judge ruled on what can be discussed during the trial. SBF can't bring up his family background, health, age, or the fact that he's been in jail awaiting trial. The trial itself will focus narrowly on the specific allegations against him, avoiding hot -button topics related to FTX's bankruptcy and his prior good acts. However, evidence of his alleged illegal campaign finance scheme will be allowed as it's directly related to the charged offenses. He has, though, been granted the ability to ask Department of Justice witnesses about the recreational drug use, provided his lawyers notify the court in advance. Additionally, the prosecution can introduce evidence related to FTX's bankruptcy during the trial. The trial will also delve into the FTT token and whether it was manipulated by other FTX insiders. SBF's lawyers are still attempting to secure his release from jail, where he has been held since August. The trial is set to begin in early October. Well, that's all for us today. Visit us at dailycryptoreport .io for sources and links. And listen to us, everyone else you podcast under Daily Crypto Report. you We'll see then. It's pretty eerie, you know, you're in a place that no human's ever been before. This is Armchair Explorer, where the world's greatest adventurers tell their best stories from the road. And four of us were swept down the side of the mountain, and then I knew there was no way out of this thing. From the heart pounding to the inspiring and the downright insane. Find Armchair Explorer, a part of APT Podcast Studios, wherever you get your podcasts. Go and find what it is in the world that matches that wildness in yourself.

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