Beijing releases white paper for Web3 innovation and development

cointelegraph.com:

Beijing’s municipal government has unveiled a white paper to foster innovation and advance the Web3 industry.

The Zhongguancun Forum witnessed the release of the "Web3 Innovation and Development White Paper" by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. According to the local news outlet, The Paper, the document recognizes Web3 technology as an "inevitable trend for future Internet industry development."

With the goal of establishing Beijing as a prominent global innovation hub for the digital economy, the commission plans to allocate a minimum of $14 million (100 million yuan) annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed this during the forum, highlighting that Zhongguancun is commonly recognized as China's Silicon Valley.

According to reports, the white paper emphasizes Beijing's intention to enhance policy support and expedite technological advancements in order to foster the growth of the web3 industry.

Binance CEO Changpeng Zhao finds the timing of the white paper release "noteworthy" as he highlights that Hong Kong's cryptocurrency regulations are set to commence on June 1.

Last week, the Securities and Futures Commission of Hong Kong unveiled a new rulebook for the cryptocurrency industry, announcing that retail investors will be able to engage in crypto trading starting from June 1, coinciding with the implementation of a new licensing framework for crypto platforms.

Related: China launches national blockchain center to train half a million specialists

While the United States is currently undergoing a regulatory crackdown on cryptocurrencies, Hong Kong's