Beijing Government Releases White Book To Encourage Innovation And Advance Web3 Industry

JAKARTA - "The White Book of Web3 Innovation and Development" was revealed in the Zhongguancun Forum by the Beijing Municipal Government Science and Technology Commission, also known as the Zhongguancun Science Park Administrative Commission. According to a local media, The Paper, the document recognizes Web3 technology as an unavoidable trend for the future development of the Internet industry."

With the aim of making Beijing a prominent global innovation hub for the digital economy, the commission plans to allocate at least 100 million yuan (Rp 210 billion) annually until 2025. Yang Hongfu, director of the management committee of the Chaoyang Zhongguancun Park, revealed the funding during the forum, stressing that Zhongguancun is generally recognized as China's "Silicon Valley".

It was reported that the white paper stressed Beijing's intention to increase policy support and accelerate technological advances to advance the growth of the Web3 industry.

At the same time, Binance CEO Changpeng Zhao said the time for the white book release was "minjoking," highlighting that cryptocurrency regulations in Hong Kong are scheduled to take effect on June 1.

Last week, Hong Kong Securities and Futures Authority revealed a new regulatory book for the cryptocurrency industry, announcing that retail investors will be able to trade crypto starting from June 1, in conjunction with the implementation of a new licensing framework for crypto platforms.

While the United States is currently intensifying action against cryptocurrencies, Hong Kong's efforts to attract crypto companies are in stark conflict with the United States' approach. China bans the use of cryptocurrencies in 2021; however, with the release of the white Web3 paper, it appears that China is showing signs of opening the industry.

On May 23, the cryptocurrency segment aired on the country's China Central Television, featuring the Bitcoin logo and a Bitcoin ATM machine in Hong Kong. Zhao of Binance mentioned the importance of the coverage, as it has historically correlated with market spikes. The segment also highlighted nonfungible tokens (NFT) but was removed afterwards.