Binance CEO “CZ” points out the interesting coincidence of China releasing a Web 3.0 white paper at the same time as Hong Kong’s push to become a crypto hub.
Binance CEO Changpeng Zhao, also known as CZ, commented on China’s release of a white paper about Web 3.0 innovation and development. He found it interesting that the release happened just before Hong Kong’s launch of a crypto licensing system on June 1.
Web3 refers to the future of the internet, which includes exciting technologies like AI, blockchains, machine learning, cryptocurrencies, metaverse, NFTs, and virtual reality. Companies involved in Web 3.0 are expected to become the leaders of the future.
Binance CEO comments on China’s approach to Web 3.0 amidst developments in Hong Kong.
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The Beijing Municipal Science and Technology Commission and the Zhongguancun Administrative Committee recently published the “Beijing Internet 3.0 White Paper on Innovation and Development (2023)” at the Zhongguancun Forum. The forum, organized by the Beijing Association for Science and Technology, focused on the future development of the internet industry.
The white paper highlights that the government plans to support the development and research of Web 3.0 in order to establish China as a leader in these innovative technologies. The committees will focus on addressing challenges and providing guidelines for companies and teams involved in this field.
Binance CEO, Changpeng Zhao (CZ), posted on Twitter, pointing out the interesting coincidence of China releasing the Web 3.0 white paper at the same time as 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
Starting from June 1, crypto companies and exchanges will have the opportunity to apply for licenses in Hong Kong. Additionally, retail investors in Hong Kong now have the ability to trade popular cryptocurrencies like Bitcoin and Ethereum, with the protection and regulations provided by the Hong Kong Securities and Futures Commission.
Chinese banks have shown their support for Hong Kong’s crypto hub initiative, which will provide an advantage to China’s Web 3.0 plans.
In the US, the crypto industry is facing challenges as regulators, specifically the U.S. Securities and Exchange Commission, impose stricter regulations.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.