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Beijing, the capital of China, is reported to have released a white paper to stimulate innovation and development of the web3 industry.
At the Zhongguancun Forum, the Beijing Municipal Science and Technology Commission, also known as Zhongguancun Science Park Administrative Commission, published the “Web3 Innovation and Development White Paper (2023)”. According to local news outlet The Paper, the document recognizes web3 technology as “an inevitable trend in the future development of the Internet industry.”
With the aim of transforming Beijing into an outstanding global innovation center of the digital economy, the commission plans to allocate at least $14 million (100 million yuan) annually until 2025. This is during the forum, highlighting that Zhongguancun is widely known as China’s Silicon Valley.
According to reports, the white paper highlights Beijing’s intention to increase political support and accelerate technological progress to promote the growth of the web3 industry.
Binance CEO Changpeng Zhao considers the timing of the white paper release “worthy of note” as he stresses that crypto regulation in Hong Kong should go into effect on June 1st.
Last week, the Hong Kong Securities and Futures Commission unveiled a new set of rules for the cryptocurrency industry, announcing that retail investors will be able to participate in cryptocurrency trading from June 1, coinciding with the implementation of a new licensing system for cryptocurrency platforms.
See also: China launches national blockchain center to train half a million specialists
While regulation of cryptocurrencies is currently underway in the United States, Hong Kong’s efforts to attract crypto companies are in line with this development. In contrast, China 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 opportunities.
On May 23, China Central Television (CCTV) aired a feature on cryptocurrencies that prominently featured the Bitcoin logo and a Bitcoin ATM in Hong Kong. Binance’s Zhao noted the importance of this coverage as it has historically correlated with market upswings. There were also NFTs spun off in this segment, but they have since been removed.