Beijing’s municipal government has unveiled a white paper aimed at promoting innovation and advancing the Web3 industry, coinciding with new regulations regarding digital assets in Hong Kong. The “Web3 Innovation and Development White Paper” was introduced during the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission. The document recognizes Web3 technology as an essential aspect of future Internet industry development.
The commission has set a target of allocating a minimum of 100 million yuan ($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 this funding at the forum, emphasizing the significance of Zhongguancun as China’s Silicon Valley.
The white paper highlights Beijing’s commitment to enhancing policy support and accelerating technological advancements to foster the growth of the Web3 industry. The timing of the white paper release is noteworthy, as it coincides with Hong Kong’s upcoming cryptocurrency regulations, which will enable retail investors to participate in crypto trading starting from June 1.
While the United States has been taking a stricter approach towards cryptocurrencies, Hong Kong’s efforts to attract crypto companies present a stark contrast. Despite China’s ban on cryptocurrencies in 2021, the release of the Web3 white paper indicates a potential opening up of China to the industry. A recent cryptocurrency segment on China Central Television featured the Bitcoin logo and a Bitcoin ATM in Hong Kong, signaling a possible shift in China’s stance.
