To promote innovation and development within the Web3 sector, the Beijing Municipal Science and Technology Commission has published a thorough white paper titled “Web3 Innovation and Development.” According to regional news source The report, the Administrative Commission of Zhongguancun Science Park, also known as the Beijing Municipal Science and Technology Commission, revealed the report at the esteemed Zhongguancun Forum.

The commission has pledged to investing a minimum of CNY 100 million (about $14 million) year through 2025 with the goal of making Beijing a well-known worldwide innovation centre. The money will be used to enhance technology and increase policy backing, which will aid in the expansion of the Web3 sector.

China’s Silicon Valley, Zhongguancun, has the potential to become a major worldwide innovation centre for the digital economy. The commission is optimistic that the additional money will support the region’s growth and strengthen its position in the Web3 market.

This white paper is significant because it portends a possible change in China’s attitude toward the bitcoin market. Despite the 2021 cryptocurrency prohibition, recent events show an increasing tolerance to the industry. On May 23, a cryptocurrency piece that focused on the importance of non-fungible tokens (NFTs) and prominently displayed images of the Bitcoin logo and a Bitcoin ATM in Hong Kong was shown on China Central Television. Although the video has subsequently been taken down, the fact that state-run media has been discussing cryptocurrency favorably suggests that attitudes may have changed.

Changpeng Zhao, CEO of Binance, emphasized the timeliness of the white paper publication in light of Hong Kong’s impending cryptocurrency legislation, which will go into force on June 1. A new legal framework for the cryptocurrency business was recently presented by the Securities and Futures Commission of Hong Kong. According to these rules, approved exchanges will be allowed to let retail investors trade certain “large-cap tokens” subject to controls including knowledge exams, risk profiles, and appropriate exposure limitations.

In addition, the Cyber Security and Technology Crime Bureau (CSTCB) created CyberDefender, a metaverse platform, on behalf of the Hong Kong Police Force. With an emphasis on preventing technological crime, this effort seeks to inform the public about the possible dangers posed by Web3 and the metaverse and to prepare Hong Kong residents for the difficulties of the digital era.

The moves show a growing understanding of the potential advantages and significance of digital innovation in China’s changing technological environment, as Beijing welcomes the Web3 sector via its white paper and Hong Kong proposes progressive regulatory measures.


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