Beijing unveils white paper on the Advancement and Growth of Web3 Innovation

May 31, 2023

"The unveiling of the white paper coincides with the implementation of new digital asset regulations in Hong Kong, sparking heightened curiosity regarding China's position in the cryptocurrency industry."

"The Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, unveiled the 'Web3 Innovation and Development White Paper' during the Zhongguancun Forum. As reported by the local news outlet, The Paper, the white paper acknowledges Web3 technology as an 'unavoidable trend for the future development of the internet industry."

With the aim of positioning Beijing as a prominent global innovation hub for the digital economy, the commission has committed to allocating a minimum of 100 million yuan ($14 million) annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, announced this funding during the forum, emphasizing that Zhongguancun is widely acknowledged as China's equivalent of Silicon Valley.

According to reports, the white paper underscores Beijing's intent to bolster policy support and expedite technological advancements to nurture the growth of the Web3 industry.
The timing of the white paper release has been deemed significant by Changpeng Zhao, CEO of Binance, who pointed out that Hong Kong's cryptocurrency regulations are set to come into effect on June 1.

Last week, the Securities and Futures Commission of Hong Kong introduced a new rulebook for the cryptocurrency industry, enabling retail investors to participate in crypto trading starting from June 1. This coincides with the implementation of a fresh licensing framework for crypto platforms.

While the United States is presently taking a stringent stance on cryptocurrencies, Hong Kong's efforts to attract crypto companies stand in stark contrast to the approach taken by the U.S. In 2021, China banned the use of cryptocurrencies; however, with the release of the Web3 white paper, there are indications that China is displaying signs of opening up to the industry.

Source: Cointelegraph