Key Takeaways:




Beijing has published a white paper to encourage innovation and grow the Web3 industry.



Beijing’s goal to speed up technological breakthroughs to stimulate the expansion of the Web3 industry is emphasized in the white paper.




The municipal administration of Beijing has released a white paper to promote innovation and advance the Web3 sector.



The Beijing Municipal Science and Technology Commission, formally referred to as the Administrative Commission of Zhongguancun Science Park, presented the “Web3 Innovation and Development White Paper” at the Zhongguancun Forum. The Paper, a local news organization, reports that the document acknowledges Web3 technology as an “inevitable trend for future Internet industry development.”



The commission intends to allot a minimum of 100 million yuan ($14 million) per year until 2025 with the objective of making Beijing a well-known international innovation hub for the digital economy. The money was disclosed at the meeting by Yang Hongfu, the head of the Zhongguancun Chaoyang Park management committee, who stressed the fact that Zhongguancun is regarded as China’s Silicon Valley.



According to reports, Beijing’s goal to strengthen policy backing and speed up technological breakthroughs to stimulate the expansion of the Web3 industry is emphasized in the white paper.



However, the release of the white paper comes just days before the June 1 application opening for Hong Kong cryptocurrency exchanges, as Binance CEO Changpeng Zhao (CZ) commented on Twitter.




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




Retail investors will be permitted to engage in cryptocurrency trading beginning on June 1, along with adopting a new licensing system for cryptocurrency platforms, according to a new regulation for the industry released last week by the Securities and Futures Commission of Hong Kong.



The simultaneous release of Hong Kong’s regulatory push for cryptocurrency exchanges and Beijing’s Web3 white paper may start a more liberal attitude toward digital assets in the area.



CyberDefender is a metaverse platform that was just unveiled by the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force. The purpose of this platform is to inform the public about the possible benefits and concerns of Web3, as well as the newly developed idea of the metaverse. The CSTCB emphasized the value of training citizens for the difficulties brought on by the digital era in an official statement issued on May 27 focusing on technological crime prevention.