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Beijing Unveils ‘Web3 White Paper’ to Foster Innovation and Advancing the Industry

Ruholamin Haqshanas
Last updated: | 2 min read
Source: Pixels Hunter/Adobe

The Beijing Municipal Science and Technology Commission has released a white paper in a bid to foster innovation and development within the Web3 industry.

Dubbed the “Web3 Innovation and Development White Paper,” the paper was unveiled at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, local news outlet The Paper reported

The commission aims to establish Beijing as a global innovation hub by allocating a minimum of CNY100m ($14m) annually until 2025. 

The funding will go towards enhancing policy support and expediting technological advancements to foster the growth of the Web3 industry.

Zhongguancun is said to be China’s Silicon Valley, and the commission is confident that the new funding allocation will help to make the area a prominent global innovation hub in the digital economy. 

China banned the use of cryptocurrencies in 2021. However, this new white paper depicts signs of opening up to the industry, especially after the cryptocurrency segment aired on China Central Television on 23 May. 

The segment highlighted the significance of NFTs prominently featuring the Bitcoin logo and Bitcoin ATM in Hong Kong. 

Although the video has since been removed, it is notable that the state-run media outlet showed a willingness to discuss cryptocurrencies positively.

China Releases Web3 Paper As Hong Kong Embraces New Regulatory Regime

In a recent tweet, Binance CEO Changpeng Zhao mentioned that the timing of the release of the white paper is noteworthy, given that Hong Kong’s cryptocurrency regulations are set to begin on 1 June. 

“Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong,” he said in a Saturday tweet. 

The Securities and Futures Commission of Hong Kong recently unveiled a new rulebook for the cryptocurrency industry.

Under the new regulatory framework, the city-state will allow retail investors in the city to trade specific “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles, and reasonable exposure limits are put in place.

The agency will also start providing licenses to crypto exchanges. 

However, it noted that the licensed platforms should “comply with a range of robust investor protection measures covering onboarding, governance, disclosure and token due diligence and admission, before providing trading services to retail investors.”

More recently, the Hong Kong Police Force launched CyberDefender, a new metaverse platform aimed at educating the public about the potential dangers associated with Web3 and the metaverse. 

The platform, developed by the Cyber Security and Technology Crime Bureau (CSTCB), was created to prepare Hong Kong citizens for the challenges ahead in the digital age, with a focus on technology crime prevention.