Beijing issues white paper on Web3 innovation and development

The municipal government of Beijing has released a white paper aimed at promoting innovation and advancing the Web3 industry.

The white paper, titled the “Web3 Innovation and Development White Paper”, was presented at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. According to a local news outlet called The Paper, the document recognizes Web3 technology as an “inevitable trend for future Internet industry development.”

The commission aims to allocate at least 100 million yuan (approximately $14 million) annually until 2025 to establish Beijing as a leading global innovation hub for the digital economy. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, announced the funding during the forum, highlighting that Zhongguancun is often referred to as China’s Silicon Valley.

According to reports, the white paper emphasizes Beijing’s intention to enhance policy support and accelerate technological advancements to promote the growth of the Web3 industry.

The CEO of Binance, Changpeng Zhao, noted the “noteworthy” timing of the white paper’s release, as Hong Kong’s cryptocurrency regulations are set to go into effect on June 1st.

Last week, the Securities and Futures Commission of Hong Kong announced a new rulebook for the cryptocurrency industry, stating that retail investors will be able to engage in crypto trading starting from June 1st, coinciding with the implementation of a new licensing framework for crypto platforms.

Related: China launches national blockchain center to train half a million specialists

While the United States is currently cracking down on cryptocurrencies, Hong Kong’s efforts to attract crypto companies contrast starkly with the U.S. approach. 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.

On May 23rd, a segment on cryptocurrencies aired on the state-owned China Central Television, which prominently featured the Bitcoin (BTC) logo and a Bitcoin ATM in Hong Kong. Binance’s Zhao noted the significance of the coverage, as it historically correlated with market upswings. The segment also highlighted non-fungible tokens but has since been removed.

Magazine: Bitcoin glory on Chinese TikTok