Beijing promotes Web3 innovation and development, releases white paper
Coinciding with the new digital asset regulations of Hong Kong, the paper's release is seen as a significant step forward in China's stance towards the crypto industry
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A document titled “Web3 Innovation and Development White Paper”, released by Beijing’s municipal government, aims to stimulate advancements in the Web3 industry. The paper was unveiled at the Zhongguancun Forum and acknowledges Web3 technology as an “inevitable trend for future Internet industry development.“
The Beijing Municipal Science and Technology Commission aims to establish Beijing as a global innovation hub for the digital economy. It intends an annual allocation of at least 100 million yuan ($14 million) until 2025.
The director of the Zhongguancun Chaoyang Park management committee, Yang Hongfu, also mentioned that Zhongguancun is commonly recognised as China’s Silicon Valley while talking about the funding.
The document focuses on Beijing’s purpose of enhancing policy support and speeding up technological advancements for facilitating the growth of the Web3 industry.
Hong Kong’s cryptocurrency regulations are set to commence on June 1 and so China’s move comes at an intriguing time. The Securities and Futures Commission of Hong Kong had recently introduced a new rulebook for the cryptocurrency industry that allows retail investors to participate in crypto trading.
