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Beijing releases white paper promoting web3 industry development and innovation

Beijing has released a white paper titled "Web3 Innovation and Development White Paper (2023)" aimed at promoting innovation and development of the web3 industry. The paper states that web3 technology is an "inevitable trend for future Internet industry development." Beijing aims to strengthen policy support and accelerate technological breakthroughs to promote the web3 industry and construct the city as a global innovation hub for the digital economy. The release of the white paper coincides with Hong Kong's crypto rules kicking off on June 1 and China appears to be opening up to the industry in some form.

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