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Beijing Unveils Web3 Innovation and Development White Paper

The white paper’s release comes at the same time as Hong Kong’s latest digital asset regulations, bringing more attention to the region.

Beijing’s municipal government has released a white paper to help bring further development and innovation to its Web3 industry.

At the Zhongguancun Forum, the Beijing Municipal Science and Technology Commission – also known as the Administrative Commission of Zhongguancun Science Park revealed the “Web3 Innovation and Development White Paper.”

Local news outlet The Paper reports that the document pushes for the recognition of Web3 technology as an “inevitable trend for future Internet industry development.“

At the forum, the government organisation laid out plans towards its goal to put Beijing on the map as a prominent global innovation hub for the digital economy. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed the project’s financing plans, which include the allocation of at least 100 million yuan ($14 million) per year, until 2025.

The director also highlighted the importance of Zhongguancun, which is commonly recognised as China’s Silicon Valley.

Reports indicate that the white paper indicates Beijing’s plans for its Web3 industry: spanning from enhancing policy support, and expediting technological advancements to foster further growth.

What’s going on next door?

Meanwhile, Binance CEO Changpeng Zhao tweeted about the white paper, calling the timing of its release “noteworthy”, as Hong Kong prepares to implement its new cryptocurrency regulations on June 1.

Unveiled by the Securities and Futures Commission of Hong Kong last week, the new crypto regulations that will commence at the start of next month will introduce the ability for retail investors to engage in crypto trading.

At the same time, Hong Kong’s latest crypto regulations will also be implemented alongside a new licensing framework for crypto platforms – or virtual asset service providers (VASPs).

The timing of Beijing’s announcement for its Web3 vision shows a big change in China’s attitude – with China having banned the use of cryptocurrencies in 2021. The announcement may indicate China’s opening up towards the crypto industry, and its readiness to compete with Hong Kong’s efforts to attract crypto companies to set up shop in the jurisdiction.

Meanwhile in the city of Nanjing, China had just launched a state-backed organisation to promote metaverse studies across the country, spearheaded by the Nanjing University of Information Science & Technology (NUIST). The city is known to be Web3-friendly, having launched a $1 billion blockchain fund.

In November 2022, government-affiliated think tank State Information Center of China published commentary advocating for policymakers to bring forth the capabilities of the metaverse to assist in the development of real-world industries.

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