Beijing continues its efforts to position itself as a global leader.
The municipal government of Beijing has announced the release of a white paper aimed at promoting innovation and growth within the Web3 sector.
The Beijing Municipal Science and Technology Commission, known as the Administrative Commission of Zhongguancun Science Park, unveiled the "Web3 Innovation and Development White Paper" during the Zhongguancun Forum.
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According to The Paper, a local news outlet, the white paper characterizes Web3 technology as an "inevitable trend for future Internet industry development."
The white paper reportedly underscores Beijing's plan to bolster policy support and accelerate technological developments to fuel the growth of the Web3 industry.
The commission is committed to transforming Beijing into a global innovation hub and has pledged to invest at least 100 million yuan (approximately $14 million) per year in the sector until 2025.
This commitment was shared by Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, who emphasized Zhongguancun's status as China's Silicon Valley.
Commenting on this development, Binance CEO Changpeng Zhao noted the timing of the white paper's release as "noteworthy." Zhao's observation comes as Hong Kong is set to implement its new cryptocurrency regulations on June 1st.
Last week, the Securities and Futures Commission of Hong Kong released a new set of rules for the cryptocurrency industry. These regulations, which will take effect on the same day, will allow retail investors to engage in cryptocurrency trading and establish a new licensing framework for crypto platforms.
Moreover, on May 23rd, state-owned China Central Television aired a cryptocurrency segment featuring the Bitcoin (BTC) logo and a Bitcoin ATM in Hong Kong. However, after the significant buzz about the video, the national broadcaster deleted the video.
As the global digital landscape evolves, Beijing's commitment to Web3 innovation may signify a change in China's approach to the crypto industry. The advancements in this field will undoubtedly be watched closely by crypto enthusiasts worldwide.