Web3 News: The Beijing Municipal Science and Technology Commission has unveiled a white paper titled “Web3 Innovation and Development White Paper” with the aim of fostering innovation and growth within the Web3 industry. The paper was presented at the Zhongguancun Forum by the commission, also known as the Administrative Commission of Zhongguancun Science Park, demonstrating their commitment to establishing Beijing as a global hub for innovation. The commission plans to allocate a minimum of CNY 100 million ($14 million) annually until 2025 to support policy initiatives and accelerate technological advancements in order to drive the development of the Web3 sector.
Zhongguancun, often referred to as China’s Silicon Valley, is expected to benefit significantly from the funding allocation, as it seeks to solidify its position as a prominent global innovation hub within the digital economy. Notably, this move comes after China banned the use of cryptocurrencies in 2021. However, recent developments, including a segment on cryptocurrencies aired by China Central Television, indicate a potential shift in attitude towards the industry. The segment emphasized the significance of NFTs, featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong, although the video has since been removed.
The timing of the release of the white paper is of interest, as it coincides with the anticipated implementation of new cryptocurrency regulations in Hong Kong on June 1st. Binance CEO Changpeng Zhao highlighted this connection in a tweet, suggesting a possible correlation between the white paper release and Hong Kong’s regulatory developments. The new regulatory framework in Hong Kong will allow retail investors to trade specific “large-cap tokens” on licensed exchanges, subject to safeguards such as knowledge tests, risk profiles, and reasonable exposure limits.
To address the potential risks associated with Web3 and the metaverse, the Hong Kong Police Force recently launched CyberDefender, a metaverse platform aimed at educating the public. Developed by the Cyber Security and Technology Crime Bureau (CSTCB), the platform serves to equip Hong Kong citizens with knowledge and awareness to navigate the challenges of the digital age, with a particular focus on preventing technology-related crimes.
The release of the Web3 white paper by the Beijing Municipal Science and Technology Commission and the upcoming cryptocurrency regulations in Hong Kong reflect the evolving landscape and increasing recognition of the potential of blockchain, Web3, and the metaverse in driving innovation and economic growth.