In a significant move to embrace the emerging technology landscape, Beijing, the Chinese capital city, has published a Whitepaper focusing on industry development.
The whitepaper, titled “Web3 Innovation and Development Whitepaper (2023),” outlines the city’s strategic plans, objectives, and policies to propel the growth of the Web3 industry within its borders.
Additionally, the release of the Web3 Whitepaper by the Beijing Municipal Science & Technology Commission at the Zhongguancun Forum further highlights the importance and commitment of the Beijing government to foster the development of Web3 technology.
Aim of the Whitepaper
According to reports, Beijing’s Web3 Whitepaper highlights the city’s commitment to providing policy assistance and driving technological advancements in order to boost the Web3 business.
Notably, these policies may include regulatory frameworks, investment incentives, tax breaks, and efforts to promote collaboration among industry stakeholders and government authorities.
This strategic approach illustrates the government’s understanding of the necessity of fostering an environment conducive to the development and adoption of Web3 technologies.
Perfect Timing for Web3?
The timing of the release of Beijing’s Web3 Whitepaper, as noted by Binance CEO Changpeng Zhao, is deemed “interesting” due to the upcoming implementation of crypto rules in Hong Kong on June 1.
Additionally, the recent broadcast on China Central Television (CCTV) featuring a segment about cryptocurrencies and prominently displaying the Bitcoin logo has garnered Zhao’s attention. The CEO referred to it as a “big deal,” noting that historically, such media coverage has been associated with bull runs in the crypto market.
Interestingly, the timing can be viewed as a proactive step by Beijing to showcase its own commitment to the Web3 industry and attract attention, talent, and investments, particularly considering the evolving regulatory landscape in the region.
Crypto Regulatory Efforts
As regulatory frameworks are put in place in different jurisdictions, the global crypto industry is adapting to comply with the evolving rules and regulations.
The actions taken by Hong Kong’s SFC, such as the establishment of a licensing regime and allowing retail investors to trade crypto also reflect efforts to balance investor protection and enable participation in this growing asset class.
Blockchain Development in China
By embracing Web3, China aims to leverage the advantages of blockchain technology while ensuring responsible development and adherence to regulatory frameworks. According to a recent report, the country announced the official establishment of the National Blockchain Technology Innovation Centre in its capital city.