China’s Blueprint for Web3 Innovation: Key Focus Areas and Funding Endeavors

Beijing Unveils Whitepaper on Web3 Innovation: Exploring AI, XR Interactive Terminals, and Content Production Tools

During the Zhongguancun Forum on May 27, the municipal government of Beijing made a significant announcement by releasing a whitepaper that sheds light on the progress and potential of Web3 innovation in China. The whitepaper highlights cutting-edge research domains such as artificial intelligence (AI), XR interactive terminals, and content production tools.

Despite the existing regulatory limitations on cryptocurrencies, Beijing is demonstrating a keen interest in Web3 technologies. To facilitate the growth of this ecosystem, the Municipal Commission of Science and Technology of Beijing has pledged to allocate 100 million yuan (approximately $14 million) annually until 2025 to support various Web3 initiatives and endeavors.

China’s whitepaper highlights Web3 industry focus areas

The whitepaper issued by China places significant emphasis on key technologies like blockchain, virtual reality (VR), and artificial intelligence (AI) and their applications in the Web3 industry. It also highlights the government’s commitment to offering the necessary political support to expedite technological advancements and foster rapid growth within the Web3 sector.

Furthermore, the whitepaper acknowledges the remarkable growth and development of emerging applications such as digital verifications and non-fungible token (NFT) collections. It specifically mentions the active involvement of social organizations associated with Web3 and the gradual streamlining of the global capital market.

In addition, Beijing has set its sights on establishing a leadership position within the country concerning development policies and innovative companies. To achieve this, the city has proposed comprehensive measures to expedite the establishment of a globally competitive Web3 industry. These measures include reinforcing political support and organizational assurances, enabling Beijing to distinguish itself as an innovative city.

Will Hong Kong open its doors to cryptocurrencies?

Changpeng Zhao, the CEO of Binance, made a noteworthy observation regarding the release of the whitepaper, highlighting the intriguing timing of its release, which closely aligns with June 1. This date holds significance as it is when new updates are anticipated regarding the regulatory framework surrounding cryptocurrencies.

Considering that earlier this year, Paul Chan, the Financial Secretary of Hong Kong, announced the completion of the regulatory framework for cryptocurrencies, the idea of Hong Kong legalizing cryptocurrencies may not be as far-fetched as it initially seems. Despite the inherent volatility of cryptocurrencies, Chan emphasized the government’s dedication to transforming Hong Kong into a cryptocurrency hub.

Moreover, during a press conference held in April, the secretary emphasized the need for the government to adopt a strategy that fosters the innovative development of Web3. This approach entails striking a balance between implementing appropriate regulations and promoting growth.

Unlike certain countries such as the United States, where unclear or stringent regulations have led to the closure of several cryptocurrency exchanges, Hong Kong aims to adopt a less restrictive and more crypto-friendly stance. The intention is to create an environment that is conducive to the operations of crypto companies and encourages their growth.


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