From Prohibition to Promotion: China's Capital Embraces Web3
In an effort to foster the development and innovation of the web3 industry, China's capital, Beijing, has unveiled a comprehensive white paper. As reported by The Paper, a local news agency, the document, termed the "Web3 Innovation and Development White Paper (2023)," emphasizes the significance of web3 technology as an "unavoidable direction for the advancement of future internet industries.
" This forward-thinking blueprint was launched at the Zhongguancun Forum by the Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park.
The commission's strategic goal is to metamorphose Beijing into a global hub for digital economy innovation. To support this ambition, the Chaoyang district of the city has reportedly committed to a yearly expenditure of at least 100 million yuan (approximately $14 million) until the year 2025, as disclosed by Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, during the forum. The locale of Zhongguancun is often hailed as the Silicon Valley of China.
According to the white paper, Beijing is poised to bolster policy backing and hasten technological breakthroughs in an effort to propel the web3 industry forward.
Hong Kong's Securities and Futures Commission recently introduced a revised set of rules for the cryptocurrency industry. The new regulations, which take effect from June 1, permit retail investors to trade in cryptocurrency and mark the commencement of a novel licensing framework for cryptocurrency platforms.
Despite the ongoing crackdown on cryptocurrency in the U.S, Hong Kong is striving to make the region attractive to cryptocurrency firms. Similarly, China seems to be taking a more flexible stance towards the industry despite outlawing the use of cryptocurrencies in 2021.
The commission's strategic goal is to metamorphose Beijing into a global hub for digital economy innovation. To support this ambition, the Chaoyang district of the city has reportedly committed to a yearly expenditure of at least 100 million yuan (approximately $14 million) until the year 2025, as disclosed by Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, during the forum. The locale of Zhongguancun is often hailed as the Silicon Valley of China.
According to the white paper, Beijing is poised to bolster policy backing and hasten technological breakthroughs in an effort to propel the web3 industry forward.
Hong Kong's Securities and Futures Commission recently introduced a revised set of rules for the cryptocurrency industry. The new regulations, which take effect from June 1, permit retail investors to trade in cryptocurrency and mark the commencement of a novel licensing framework for cryptocurrency platforms.
Despite the ongoing crackdown on cryptocurrency in the U.S, Hong Kong is striving to make the region attractive to cryptocurrency firms. Similarly, China seems to be taking a more flexible stance towards the industry despite outlawing the use of cryptocurrencies in 2021.
