Beijing Divulges Plans to Foster Crypto Innovation With Web3 White Paper


China clamped down on all types of crypto mining operations and their usage in 2021. Back then, it seemed like the country wasn’t ready for any sort of association with the crypto domain owing to a number of reasons. However, the country seems to be opening up to the burgeoning world of cryptocurrency. Recently, the Beijing Municipal Science and Technology Commission released a white paper that forayed into the Web3 industry. 

Titled Web3 Innovation and Development, the draft was rolled out at the Beijing Municipal Science and Technology Commission, in Zhongguancun City, which is also called the silicon valley of China. The document aims to lay the groundwork for nurturing development and innovation within the Web3 industry. It also wants to make Beijing an innovation hub with funding of CNY 100m ($14m) by 2025. The cash influx will give way to fast-tracking the advancement of the Web3 industry.

With the revived spirit and new funding plans, this administration is expecting a major boost to its digital economy. Furthermore, the cryptocurrency segment was aired on China Central Television on May 23. It highlighted the growth prospects of NFTs and their overall impact on this domain. Also, it talked about a Bitcoin ATM in Hong Kong and the Bitcoin logo. 

The video was removed shortly afterwards, but in that brief time, it showed the state’s willingness to discuss cryptos. 

In another relevant development, Binance CEO Changpeng Zhao mentioned that the timing of this news couldn’t be more significant. Since the new cryptocurrency regulations are set to be rolled out on June 1st, both events are noteworthy. The Securities and Futures Commission of Hong Kong also revealed a new set of guidelines for the cryptocurrency industry. According to the new regulatory protocol, the city-state will let retail investors trade large-cap tokens with licensed exchanges. 

This will kickstart a new journey for people who want to buy/sell cryptos in China. At the same time, it would protect investors from various risks while bringing due diligence and governance. It will make the trading services more agreeable to retail investors. 

Recently, the Hong Kong police launched CyberDefender. It would be a distinct unit that would specifically focus on educating people about metaverse and Web3. Developed by the Cyber Security and Technology Crime Bureau (CSTCB), it would guide the people of Hong Kong to keep themselves protected from cybercrime.


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