Back to the list

Binance CEO Reacts To China Releasing Web 3.0 White Paper Amid Hong Kong Crypto Push

source-logo  coingape.com 27 May 2023 09:18, UTC

Binance CEO Changpeng “CZ” Zhao on Saturday reacted to China’s release of a white paper on Web 3.0 innovation and development. He said the timing of this Web 3.0 white paper by Beijing’s science and technology government body ahead of Hong Kong’s launch of the crypto licensing regime on June 1 is quite interesting.

Web3 is the next-generation internet comprising innovative technologies and research fields including artificial intelligence (AI), blockchains, machine learning, cryptocurrency, metaverse, NFTs, virtual reality, etc. The companies working on Web 3.0 will be the leaders of tomorrow.

Also Read: Binance Ceases Bitcoin, ETH, DOGE, XRP, And Other Crypto Trading Against AUD

Binance CEO on China Web 3.0 Approach Amid Hong Kong

The Beijing Municipal Science and Technology Commission and the Zhongguancun Administrative Committee officially released the “Beijing Internet 3.0 White Paper on Innovation and Development (2023)” during the 2023 Zhongguancun Forum Parallel Forum “Internet 3.0: Future Internet Industry Development” hosted by the Beijing Association for Science and Technology.

According to the white paper, the government will actively support Web 3.0 developments and research to establish China’s leadership in these innovative technologies. The committees will work on reducing the challenges and establishing guidelines for companies and teams.

In response, Binance CEO “CZ” took to Twitter to highlight the interesting timing of the Web 3.0 white paper release coinciding with Hong Kong’s crypto hub initiative.

Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL

— CZ 🔶 Binance (@cz_binance) May 27, 2023

Hong Kong will allow crypto firms and exchanges to apply for licenses starting June 1. Hong Kong administration has also allowed retail investors to trade top cryptocurrencies such as Bitcoin and Ethereum under safeguards of the Hong Kong Securities and Futures Commission.

Notably, Chinese banks have expressed support for Hong Kong’s crypto hub plan. The Hong Kong crypto industry will give an added advantage to China’s Web 3.0 plans.

Meanwhile, the crypto landscape in the US continues to deteriorate amid regulatory crackdowns led by the U.S. Securities and Exchange Commission.

Also Read: IMF Supports US Fed To Hike Rate By 25 Bps In June, Markets To Crash?