The Beijing municipal government released a detailed report known as the “White Paper on Web3 Innovation and Development“, with the aim of boosting innovation and promoting the advancement of the Web3 industry.
The Beijing Municipal Science and Technology Commission, also called the Zhongguancun Science Park Administrative Commission, released this important document during the Zhongguancun Forum. According to local reports, the report recognizes Web3 technology as an “unavoidable trend for the future development of the Internet industry.”
The commission aims to make Beijing a leading global hub for innovation in the digital economy. To achieve this, it plans to allocate at least US$14 million per year until 2025. Yang Hongfu, director of the management committee of Zhongguancun Chaoyang Park, revealed this information during the forum, noting that Zhongguancun is widely recognized as China’s “Silicon Valley”.
The white paper is aimed at enhancing political support and accelerating technological advances to fuel the growth of the Web3 industry in Beijing. This initiative was well received by the community, being highlighted by Changpeng Zhao, CEO of Binance, who considered that the timing of its publication was “remarkable”. Zhao stressed that this comes just as new cryptocurrency regulations will take effect in Hong Kong on June 1.
Last week, the Hong Kong Securities and Futures Commission announced new regulations for the cryptocurrency industry, allowing retail investors to participate in cryptocurrency trading starting June 1. This coincides with the implementation of a new licensing framework for cryptocurrency platforms.
On May 23, China Central state television aired a segment that featured the Bitcoin logo and a Bitcoin ATM in Hong Kong. Changpeng Zhao mentioned the importance of this hedging, since it has historically been related to the rise of the market. The segment also highlighted non-fungible tokens, though it was later removed.
(Reference image source: Shubham’s Web3, Unsplash)