{"id":79431,"date":"2023-05-27T14:28:34","date_gmt":"2023-05-27T11:28:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79431"},"modified":"2025-09-11T11:00:24","modified_gmt":"2025-09-11T08:00:24","slug":"beijing-publishes-white-paper-on-web3-innovation-and-development","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/beijing-publishes-white-paper-on-web3-innovation-and-development\/","title":{"rendered":"Beijing Publishes White Paper on Web3 Innovation and Development"},"content":{"rendered":"<p>Beijing&#8217;s municipal Science and Technology Commission published the \u201cWhite Paper on Web3 Innovation and Development\u201d (2023). The local publication <a href=\"https:\/\/www.thepaper.cn\/newsDetail_forward_23250778\">The Paper<\/a> reports.<\/p>\n<p>In the document, Web3 technologies are described as \u201can inevitable trend for the future development of the internet industry.\u201d According to the white paper, Beijing plans to become an international innovation hub for the digital economy.<\/p>\n<p>As part of the initiative, Chaoyang District will invest at least 100 million yuan annually through 2025 (more than $14 million at the exchange rate at the time of writing). The head of Zhongguancun Science and Technology Center \u2014 the \u201cChinese Silicon Valley\u201d \u2014 Yan Hongfu spoke at the forum.<\/p>\n<p>According to the publication, the white paper also states Beijing\u2019s aim to strengthen political support and accelerate technological breakthroughs for Web3 development.<\/p>\n<p>Binance CEO Changpeng Zhao described the announcement as an \u201cinteresting timing\u201d in the context of expectations around June 1 in Hong Kong.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. <a href=\"https:\/\/t.co\/0Ts1UB0jnL\">pic.twitter.com\/0Ts1UB0jnL<\/a><\/p>\n<p>\u2014 CZ :large_orange_diamond: Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1662334590332153868?ref_src=twsrc%5Etfw\">May 27, 2023<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-regulator-proposes-rules-for-cryptocurrency-platforms\">rules proposed in February<\/a>, from June 1, 2023 all centralized platforms operating in Hong Kong or dealing with local investors must hold a license from the <span data-descr=\"Hong Kong Securities and Futures Commission\" class=\"old_tooltip\">SFC<\/span>.<\/p>\n<p>In September 2021, the People\u2019s Bank of China, in a joint statement with nine state bodies, classified cryptocurrency operations as <a href=\"https:\/\/u1f987.com\/en\/news\/pboc-views-cryptocurrencies-as-a-threat-to-the-traditional-financial-system\">illegal financial activity<\/a>. In February 2022, China <a href=\"https:\/\/u1f987.com\/en\/news\/china-tightens-criminal-liability-for-fundraising-in-cryptocurrencies\">tightened<\/a> criminal liability for illegal fundraising in digital assets.<\/p>\n<p>In January 2023, Hong Kong authorities <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-signals-commitment-to-developing-the-crypto-industry\">announced<\/a> their willingness to welcome cryptocurrency companies from around the world. According to former BitMEX CEO Arthur Hayes, this signals China\u2019s intention to <a href=\"https:\/\/u1f987.com\/en\/news\/arthur-hayes-envisions-chinas-return-to-the-crypto-industry-via-hong-kong\">return to the industry<\/a>.<\/p>\n<p>The head of China Pacific Insurance Shan Zhong believes that Beijing <a href=\"https:\/\/u1f987.com\/en\/news\/opinion-china-maintains-its-stance-on-cryptocurrencies\">has not changed its stance on cryptocurrencies<\/a>, despite their adoption in Hong Kong. The firm <a href=\"https:\/\/u1f987.com\/en\/news\/major-chinese-insurer-launches-two-crypto-funds-in-hong-kong\">launched<\/a> two investment funds in the region focused on digital assets.<\/p>\n<p>In February, Bloomberg <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-flags-beijings-backing-of-hong-kongs-crypto-ambitions\">reported undisclosed support<\/a> by the Chinese government for Hong Kong&#8217;s cryptocurrency initiatives. According to sources, Beijing officials have become frequent guests at industry events, and their attitude has been cordial.<\/p>\n<p>In May Zhao noted that a cryptocurrency-related report on China Central Television <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-sees-signs-of-a-bull-market-thanks-to-chinese-television\">caused a stir in local communities<\/a>. He said, \u201cHistorically such stories have led to bullish rallies.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beijing&#8217;s Municipal Science and Technology Commission published the &#8216;White Paper on Web3 Innovation and Development&#8217; (2023). The local publication The Paper reports.<\/p>\n","protected":false},"author":1,"featured_media":79432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,36],"class_list":["post-79431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79431"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79431\/revisions"}],"predecessor-version":[{"id":79433,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79431\/revisions\/79433"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79432"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}