Beijing has issued a Web3 Innovation and Development White Paper, which outlines plans to encourage the development of the web3 industry. The Beijing Municipal Science & Technology Commission made the announcement at the Zhongguancun Forum. The commission’s goal is to establish Beijing as a hub for digital economy innovation.
To support this objective, the Chaoyang district of Beijing will allocate approximately 100 million yuan (around $14 million) each year until 2025, as announced by Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, at the forum.
The white paper reveals Beijing’s strategy to increase policy support and stimulate technological progress in the web3 industry.
This release coincides with the upcoming implementation of new crypto regulations in Hong Kong on June 1, a point observed by Binance CEO Changpeng Zhao.
Recently, Hong Kong’s Securities and Futures Commission issued a new set of rules permitting retail investors to trade crypto from June 1, which also marks the beginning of a new licensing regime for crypto platforms.
These developments occur amid stricter crypto regulation enforcement in the U.S. Despite banning cryptocurrencies in 2021, the publication of the web3 white paper could indicate China’s increased interest in the industry.
China Central Television (CCTV) aired a segment about cryptocurrencies, which was later removed. This segment showed a Bitcoin ATM in Hong Kong and mentioned Non-Fungible Tokens (NFTs).