Beijing's White Paper Advancing Web3 Innovation and Development
In line with the new digital asset regulations in Hong Kong, there has been a growing interest in China’s position on the crypto industry, coinciding with the release of a white paper.
The Beijing municipal government recently unveiled a white paper titled “Web3 Innovation and Development White Paper” with the aim of promoting innovation and advancing the Web3 industry. The document was presented at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. According to local news outlet The Paper, the white paper acknowledges Web3 technology as an “inevitable trend for the future development of the Internet industry.”
The commission has set its sights on establishing Beijing as a leading global innovation hub for the digital economy and plans to allocate a minimum of 100 million yuan ($14 million) annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, announced this funding during the forum, highlighting Zhongguancun’s reputation as China’s Silicon Valley.
Reports suggest that the white paper underscores Beijing’s commitment to providing policy support and accelerating technological advancements to foster the growth of the Web3 industry.
