Beijing, the capital of China, has launched a white paper with the aim of fostering innovation and advancing the web3 industry.
The Zhongguancun Forum witnessed the publication of the "White Paper on Web3 Innovation and Development (2023)" by the Beijing Municipal Science and Technology Commission, also known as the Zhongguancun Science Park Administrative Commission. According to the local media, Paperthe document recognizes web3 technology as an "unavoidable trend for the future development of the Internet industry."
With the aim of establishing Beijing as a leading 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, director of the Zhongguancun Chaoyang Park management committee, revealed this during the forum, noting that Zhongguancun is commonly recognized like China's Silicon Valley.
The white paper reportedly stresses Beijing's intention to enhance policy support and accelerate technological advances to foster growth of the web3 industry.
Binance CEO Changpeng Zhao finds The timing of the white paper's publication is "noteworthy" as it highlights that Hong Kong's cryptocurrency regulations will start on June 1.
Last week, the Hong Kong Securities and Futures Commission unveiled a new rulebook for the cryptocurrency industry, announce that retail investors You will be able to engage in cryptocurrency trading starting June 1, coinciding with the implementation of a new licensing framework for cryptocurrency platforms.
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While the United States is currently subjected to regulatory crackdown As for cryptocurrencies, Hong Kong's efforts to attract cryptocurrency companies coincide with this development. In contrast, Chinese had banned the use of cryptocurrencies in 2021. However, with the release of the web3 white paper, it appears that China is showing signs of opening up to the industry in certain capacities.
On May 23, a segment on cryptocurrencies aired by China Central Television (CCTV), highlighting the Bitcoin logo and a Bitcoin ATM in Hong Kong. from binance Zhao pointed the importance of this coverage, since historically it was correlated with the rises of the market. The segment also highlighted NFTs, but it has since been removed.
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