The Beijing Municipal Science and Technology Commission has published a white paper with the goal of nurturing innovation and progress within the Web3 industry.
Known as the “Web3 Innovation and Development White Paper,” it was presented at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also called the Administrative Commission of Zhongguancun Science Park, according to local news outlet The Paper.
The commission aims to position Beijing as a global hub for innovation by allocating a minimum of CNY100 million ($14 million) annually until 2025. The funding will be utilized to enhance policy support and accelerate technological advancements, fostering the growth of the Web3 industry.
Zhongguancun is often referred to as China’s Silicon Valley, and with this new funding commitment, the commission is confident in making the region a prominent global innovation hub in the digital economy.
While China banned the use of cryptocurrencies in 2021, this white paper suggests a potential opening up to the industry. This sentiment is reinforced by a recent segment on China Central Television that highlighted the significance of NFTs, prominently featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong. Although the video has been removed, it indicates a willingness on the part of the state-run media to discuss cryptocurrencies in a positive light.
The release of the white paper coincides with the upcoming implementation of cryptocurrency regulations in Hong Kong, starting on June 1. Binance CEO Changpeng Zhao noted the timing in a tweet, emphasizing the significance of the Web3 white paper alongside Hong Kong’s regulatory developments.
The Securities and Futures Commission of Hong Kong recently introduced a new regulatory framework for the cryptocurrency industry. Under this framework, retail investors will be allowed to trade specific “large-cap tokens” on licensed exchanges, subject to safeguards such as knowledge tests, risk profiles, and reasonable exposure limits.
