Beijing has introduced a white paper aimed at nurturing innovation and propelling the advancement of the Web3 industry.
The “Web3 Innovation and Development White Paper” was unveiled at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. The white paper acknowledges Web3 technology as an “inevitable trend for the future development of the Internet industry.”
The commission intends to position Beijing as a prominent global innovation hub for the digital economy. To achieve this goal, they have outlined plans to allocate at least $14 million annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, made this funding announcement during the forum, emphasising that Zhongguancun is widely recognised as China’s Silicon Valley.
The white paper emphasises Beijing’s commitment to enhancing policy support and accelerating technological progress in order to foster the growth of the Web3 industry. Binance CEO Changpeng Zhao expressed his interest in the timing of the white paper release, particularly noting the forthcoming cryptocurrency regulations in Hong Kong, scheduled to take effect in June.
Recently, the Securities and Futures Commission of Hong Kong introduced a new regulatory framework for the cryptocurrency industry. As part of these regulations, retail investors will be permitted to participate in crypto trading starting from June 1. This coincides with the implementation of a licensing system for crypto platforms.
While the United States is currently adopting a stricter stance towards cryptocurrencies, Hong Kong’s approach stands in stark contrast. The city is actively seeking to attract crypto firms, displaying a more open attitude. China had previously prohibited the use of cryptocurrencies in 2021. However, with the release of the Web3 white paper, China is gradually becoming more receptive to the industry.
On May 23, a segment focusing on cryptocurrencies was broadcast on China Central Television, a state-owned network. The segment prominently featured the Bitcoin logo and a Bitcoin ATM situated in Hong Kong. Zhao from Binance highlighted the significance of this coverage, as it has historically correlated with market upswings. Although the segment initially highlighted non-fungible tokens as well, it has since been taken down.
