In response to China’s recent release of a white paper on Web 3.0 innovation and development, Binance CEO CZ has shared his thoughts on the matter. In light of Hong Kong’s June 1st expectations, the Beijing government’s tech committee’s white paper on Web 3.0 comes at an interesting time, according to CZ.

Bluntz, the prominent crypto trader, declared in a Twitter thread about unbanning of crypto in China:

In an intriguing move, Beijing’s science and technology government body has released a white paper on Web 3.0, just ahead of the launch of Hong Kong’s crypto licensing regime on June 1.

The Beijing Municipal Science and Technology Commission and the Zhongguancun Administrative Committee recently unveiled the Beijing Web 3.0 White Paper on Innovation and Development (2023). The announcement was made during the 2023 Zhongguancun Forum Parallel Forum, hosted by the Beijing Association for Science and Technology and focused on the future of the internet industry.

In the white paper, it has been reported that the government is set to provide active support for the development and research of Web 3.0 technologies. The aim is to establish China’s leadership in these innovative fields. Committees have been established to tackle challenges and establish guidelines for companies and teams.

Hong Kong has announced that it would begin accepting license applications from cryptocurrency firms and exchanges as of June 1. The Hong Kong administration has permitted retail investors to trade leading cryptocurrencies like Bitcoin and Ethereum. This move comes with the assurance of protection from the Hong Kong Securities and Futures Commission.

Notably, Chinese financial institutions have approved Hong Kong’s proposed crypto hub. The Hong Kong crypto business will bolster China’s Web 3.0 ambitions. However, the climate for cryptocurrencies in the United States remains dark due to SEC-led regulatory crackdowns.