Beijing White Paper Unveils Web3 Innovation and Development Roadmap

China has released a white paper outlining its stance on digital assets, coinciding with the introduction of new regulations in Hong Kong, sparking further interest in the country's crypto industry.

Beijing’s municipal government has released a white paper to promote the innovation and development of Web3 technology. The Beijing Municipal Science and Technology Commission unveiled the “Web3 Innovation and Development White Paper” at the Zhongguancun Forum. The document recognizes Web3 technology as an “inevitable trend for future Internet industry development”, and outlines plans to create a favorable environment for the industry.

This includes providing support for Web3-related research and development, encouraging the application of Web3 technology, and promoting the development of Web3-related industries. The white paper also emphasizes the importance of protecting intellectual property rights and data security. The Beijing Municipal Science and Technology Commission hopes that the white paper will help to create a better environment for Web3 technology to thrive.

Policy support and technological advancements crucial for Web3 industry development

Beijing is aiming to become a global innovation hub for the digital economy. To achieve this goal, the Zhongguancun Chaoyang Park management committee has allocated 100 million yuan ($14 million) annually until 2025. The commission’s white paper highlights the importance of policy support and technological advancements for Web3 industry development. With the funding, Beijing, China’s Silicon Valley, will strengthen its position as a digital economy leader.

Binance CEO Changpeng Zhao noted the significance of the white paper release, aligning with Hong Kong’s new regulations. Starting from June 1, the SFC Hong Kong will allow retail investors in crypto trading under a new licensing framework. Experts anticipate that this new rulebook will establish a more secure and regulated environment for cryptocurrency trading in Hong Kong.

Web3 White Paper Suggests a Potential Shift In Stance

Hong Kong’s approach differs from the strict stance of the United States, as it aims to attract crypto companies. Despite China’s previous ban on cryptocurrencies, the release of the Web3 white paper suggests a potential shift in stance.

On May 23, China Central Television aired a cryptocurrency segment featuring the Bitcoin logo and a Hong Kong Bitcoin ATM. Binance’s Zhao highlighted the importance of such coverage, historically associated with market upswings. The piece also discussed nonfungible tokens but has since been taken down.

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