On May 27, Beijing released an “Internet 3.0 Innovation and Development” white paper outlining advancements and support for Internet 3.0 (web3) and the metaverse, according to reports from Chinese media, ThePaper.

However, as Binance CEO Changpeng Zhao (CZ) highlighted on Twitter, the white paper’s publication is just days from the upcoming June 1 application opening for Hong Kong cryptocurrency exchanges.

“Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong.”

The simultaneous release of Beijing’s web3 white paper and Hong Kong’s regulatory push for cryptocurrency exchanges may signal the beginning of a more open approach to digital assets in the region.

Jason Fang from Sora Ventures shared similar thinking on CryptoSlate’s SlateAsia podcast on numerous occasions, with Fang viewing Hong Kong as the “test bed” for crypto regulation in the region. The development, thus, raises questions about the potential implications and impact on the broader cryptocurrency industry in the area.

Web3 white paper.

The report was released as a partnership between the  Beijing Municipal Science and Technology Commission and the Zhongguancun Science Park Management Committee, entitled the “Beijing Internet 3.0 Innovation and Development White Paper (2023).” It reportedly emphasizes a commitment to web3 and Metaverse innovations.

According to The Paper, published by state-backed media conglomerate Shanghai United, Chaoyang District plans to invest no less than 100 million yuan annually in special funds to support the construction of the web3 industry ecosystem. This is part of an effort by the district to become a leading region for the “Internet 3.0 industry by 2025.”

Hong Kong opening up to crypto.

Hong Kong’s Financial Secretary Paul Chan Go to Source to See Full Article
Author: Liam ‘Akiba’ Wright

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