Beijing releases white paper for Web3 innovation and growth

Beijing’s municipal authorities has unveiled a white paper to foster innovation and advance the Web3 business.

The “Web3 Innovation and Development White Paper” was revealed on the Zhongguancun Discussion board by the Beijing Municipal Science and Know-how Fee, also referred to as the Administrative Fee of Zhongguancun Science Park. According to an area information outlet, The Paper, the doc acknowledges Web3 expertise as an “inevitable trend for future Internet industry development.“

With the goal of establishing Beijing as a prominent global innovation hub for the digital economy, the commission plans to allocate a minimum of 100 million yuan ($14 million) annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed the funding during the forum, highlighting that Zhongguancun is commonly recognized as China’s Silicon Valley.

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

Binance CEO Changpeng Zhao found the timing of the white paper release “noteworthy,” highlighting that Hong Kong’s cryptocurrency rules are set to begin on June 1.

Final week, the Securities and Futures Fee of Hong Kong unveiled a brand new rulebook for the cryptocurrency business, announcing retail investors will be capable to interact in crypto buying and selling ranging from June 1, coinciding with the implementation of a brand new licensing framework for crypto platforms.

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Whereas the USA is at present cracking down on cryptocurrencies, Hong Kong’s efforts to draw crypto corporations starkly distinction the U.S. strategy. China banned the use of cryptocurrencies in 2021; nevertheless, with the discharge of the Web3 white paper, it seems that China is exhibiting indicators of opening as much as the business.

On Could 23, a cryptocurrency segment aired on the state-owned China Central Tv, prominently that includes the Bitcoin (BTC) emblem and a Bitcoin ATM in Hong Kong. Binance’s Zhao mentioned the importance of the protection, because it traditionally correlated with market upswings. The phase additionally highlighted nonfungible tokens however has since been eliminated.

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