Beijing Municipal Science and Technology Commission’s “Web3 Innovation and Development White Paper” aims to establish Beijing as a global innovation hub with CNY100m annual funding until 2025. Despite China’s cryptocurrency ban, this move hints at opening up to the industry and growing Web3 alongside Hong Kong’s upcoming cryptocurrency regulations.
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Beijing’s Web 3.0 White Paper Unveiled: China’s Edge in Blockchain & Crypto Race?
Beijing’s science and technology government body released a white paper on Web 3.0 innovation and development, supporting advancements in blockchain, cryptocurrency, and related fields. Meanwhile, Hong Kong prepares to launch its crypto licensing regime, while the US faces regulatory crackdowns, potentially giving China an edge in the race to pioneer Web 3.0 technologies.