Beijing, the capital of China, has reportedly introduced a white paper to promote innovation and further develop the Web3 industry.
As part of the Zhongguancun Forum, the “White Paper on Web3 Innovation and Development (2023)” was released by the Beijing Municipal Science and Technology Commission, also known as the Zhongguancun Science Park Administrative Commission. According to local news agency The Paper, the document recognizes Web3 technology as an “inevitable trend for the future development of the Internet industry”.
Aiming to establish Beijing as a prominent global innovation Centre for the digital economy, it plans to allocate at least $14 million (100 million yuan) annually until 2025. Yang Hongfu, director of the Zhongguancun Chaoyang Park Management Committee, stated this during the forum, stressing that Zhongguancun is commonly known as China’s Silicon Valley.
According to reports, the white paper underlines Beijing’s intention to strengthen policy support and accelerate technological progress to promote the growth of the Web3 industry.
Binance CEO Changpeng Zhao finds the timing of the white paper’s release “remarkable”, highlighting that cryptocurrency regulations in Hong Kong are set to take effect on 1 June.
Last week, the Securities and Futures Commission of Hong Kong unveiled a new regulatory framework for the cryptocurrency industry, announcing that retail investors will be able to trade cryptocurrencies from 1 June, coinciding with the introduction of a new licensing framework for crypto platforms.
While the United States is currently experiencing a regulatory crackdown on cryptocurrencies, Hong Kong’s efforts to attract crypto companies coincide with this development. In contrast, China had banned the use of cryptocurrencies in 2021. However, with the release of the web3 whitepaper, China seems to be showing signs of opening up to the industry in certain areas.
On 23 May, China Central Television (CCTV) aired a feature on cryptocurrencies, showing the Bitcoin logo and a Bitcoin ATM in Hong Kong. Binance’s Zhao pointed out the importance of this coverage as it has correlated with market upswings in the past. The post also highlighted NFTs but has since been removed.