Beijing releases white paper for web3 innovation and development

Hong Kong’s crypto regulations coinciding with the white paper released in Beijing pique interest.

Beijing, the capital city of China, has reportedly unveiled a white paper with the objective of fostering innovation and advancing the web3 industry.

The Zhongguancun Forum witnessed the release of the “Web3 Innovation and Development White Paper (2023)” by the Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. According to the local news outlet, The Paper, the document recognizes web3 technology as an “inevitable trend for future Internet industry development.”

With the goal of establishing Beijing as a prominent global innovation hub for the digital economy, the commission plans to allocate a minimum of $14 million (100 million yuan) annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed this during the forum, highlighting that Zhongguancun is commonly recognized as China’s Silicon Valley.

According to reports, the white paper emphasizes Beijing’s intention to enhance policy support and expedite technological advancements in order to foster the growth of the web3 industry.

Binance CEO Changpeng Zhao finds the timing of the white paper release “noteworthy” as he highlights that Hong Kong’s cryptocurrency regulations are set to commence on June 1.

Last week, the Securities and Futures Commission of Hong Kong unveiled a new rulebook for the cryptocurrency industry, announcing that retail investors will be able to engage in crypto trading starting from June 1, coinciding with the implementation of a new licensing framework for crypto platforms.

While the United States is currently undergoing 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 white paper, it seems that China is showing signs of opening up to the industry in certain capacities.

On May 23, a segment on cryptocurrencies was aired by China Central Television (CCTV), prominently featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong. Binance’s Zhao noted the significance of this coverage, as it historically correlated with market upswings. The segment also highlighted NFTs but has since been removed.

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