The Beijing municipal government has released a white paper to encourage innovation and advance the Web3 industry.
The Beijing Municipal Science and Technology Commission, also known as the Zhongguancun Science Park Administrative Commission, released the “White Paper on Web3 Innovation and Development” at the Zhongguancun Forum. According to a local outlet, The Paper, the document recognizes Web3 technology as an “inevitable trend for the future development of the Internet industry.”
With the goal of making Beijing a leading global innovation hub for the digital economy, the commission plan allocate a minimum of 100 million yuan (USD 14 million) per year until 2025. Yang Hongfu, director of the management committee of Zhongguancun Chaoyang Park, revealed the funding during the forum, noting that Zhongguancun is commonly recognized as China’s Silicon Valley.
According to reports, the white paper highlights Beijing’s intention to enhance political support and speed up technological advances to foster the growth of the Web3 industry.
Last week, The Hong Kong Securities and Futures Commission released a new regulation for the cryptocurrency industry, announcing that retail investors will be able to engage in cryptocurrency trading from June 1, coinciding with the application of a new licensing framework for cryptocurrency platforms.
While the United States is cracking down on cryptocurrencies, Hong Kong’s efforts to attract cryptocurrency companies are in stark contrast to the American approach. China banned the use of cryptocurrencies in 2021; however, with the publication of the Web3 white paper, it appears that China is showing signs of opening up to the industry.
On May 23, China Central state television aired a segment on cryptocurrency featuring the Bitcoin logo (BTC) and a Bitcoin ATM in Hong Kong. Zhao of Binance mentioned the importance of hedging, as it has historically correlated with market rises. The segment also highlighted non-fungible tokens, but that has since been removed.
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