Beijing Unveils a Whitepaper for Innovation and Development in the Web3 Industry

The municipal government of Beijing has recently unveiled a white paper that speaks of fostering innovation and development in the rapidly emerging Web3 industry.

On Sunday, May 28, the Beijing Municipal Science and Technology Commission released the Web3 Innovation and Development White Paper” at the Zhongguancun Forum.

China’s local news publication, The Paper, noted that the white paper recognizes Web3 technology as an inevitable trend for future Internet industry development”. The white paper focuses on some the fundamental research areas in the Web3 space which includes XR interactive terminals, artificiel intelligence (AI), and other content production tools. Furthermore, it also acknowledges the fast growth in emerging applications such as collections and digital populations.

Besides, the whitepaper also recognizes the development challenges as well as the need for policy changes. The white paper proposes that the current development of the Internet 3.0 industry in Beijing still faces challenges in terms of technical and talent support capabilities, industrial chain integrity, and legal norms based on the analysis and judgment of the status and trends of the Internet 3.0 development,” the paper reads.

Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, said that they plan to allocate a total of 100 million yuan ($14 million) annually until 2025. He added that the Web3 development will help the Zhongguancun region emerge as the Silicon Valley of China.

Interestingly, the development comes just before Hong Kong plans to allow retail players to trade cryptocurrencies such as Bitcoin and Ether starting June 1. Around the same time, Hong Kong is also planning to bring a new licensing framework for crypto platforms.

In a tweet, Binance CEO Changpeng Zhao (CZ) pointed out the close timing between the release of the white paper and the upcoming June 1 application opening for Hong Kong cryptocurrency exchanges. He wrote: Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong.”

The recent release of Beijing's web3 white paper alongside Hong Kong's regulatory efforts for cryptocurrency exchanges could indicate a shift towards a more inclusive stance on digital assets in the region.

While regulators in the West have been cracking down hard on crypto, Hong Kong sees a great opportunity here. Over the past few months, it has been swaying crypto firms with the promise of building crypto-friendly regulatory framework. Multiple reports suggest that Hong Kong’s efforts have been backed by the Beijing government.