The Beijing Municipal Science and Technology Commission has released a white paper on promoting innovation and development within the Web3 industry.
Dubbed the “Web3 Innovation and Development White Paper” at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, local news outlet paper informed of,
The commission aims to establish Beijing as a global innovation hub by allocating at least CNY100m ($14m) annually until 2025.
The funding will be used to increase policy support and accelerate technological progress to foster the development of the Web3 industry.
Zhongguancun is known as the Silicon Valley of China, and the commission is confident that the new funding allocation will help make the area a major global innovation center in the digital economy.
China to ban the use of cryptocurrencies in 2021. However, this new whitepaper shows signs of opening up for the industry, especially after the cryptocurrency segment aired on China Central Television on May 23rd.
The section highlighted the importance of NFTs in Hong Kong with the prominence of the bitcoin logo and bitcoin ATMs.
Although the video has since been removed, it is noteworthy that the state-run media outlet has shown a willingness to discuss cryptocurrencies positively.
China releases Web3 paper as Hong Kong adopts new regulatory regime
In a recent tweet, Binance CEO Changpeng Zhao noted that the timing of the release of the whitepaper is noteworthy, given that Hong Kong’s cryptocurrency regulations are set to begin on June 1st.
“Interesting timing on this Web 3.0 white paper from the Beijing government’s technical committee with June 1 expected in Hong Kong,” he said in a Saturday tweet.
Hong Kong’s Securities and Futures Commission recently unveiled a new rulebook for the cryptocurrency industry.
Under the new regulatory framework, the city-state will allow retail investors to trade specific “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles and appropriate risk limits are put in place.
The agency will also start licensing crypto exchanges.
However, it noted that licensed platforms “must adhere to robust investor protection measures covering onboarding, governance, disclosure and token due diligence and on-boarding before providing trading services to retail investors.”
Recently, the Hong Kong Police Force Cyber Defender launchedA new Metaverse platform aimed at educating the public about Web3 and the potential threats associated with the Metaverse.
The platform, developed by the Cyber Security and Technology Crime Bureau (CSTCB), was created to prepare Hong Kong citizens for the challenges ahead in the digital age, with a focus on prevention of technology crime.