Binance CEO highlights timing of Beijing’s web3 white paper amid China, Hong Kong crypto regulatory changes

On May 27, the Chinese government released the “Innovation and Development of Internet 3.0” white paper outlining the progress and support for Internet 3.0 (web3) and the Metaverse, according to the Chinese government. report From Chinese media ThePaper.

However, as Binance CEO Changpeng Zhao (CZ) highlighted According to Twitter, the publication of the white paper will take place just days after the Hong Kong cryptocurrency exchange opens for applications on June 1.

“The timing of this Web 3.0 white paper by the Beijing Government Technical Committee is interesting as we look ahead to June 1st in Hong Kong.”

The simultaneous release of Beijing’s web3 whitepaper and Hong Kong’s push for regulation of cryptocurrency exchanges could mark the beginning of a more open approach to digital assets in the region.

Jason Fang of Sora Ventures has shared similar thoughts many times on CryptoSlate’s SlateAsia podcast, with Fang seeing Hong Kong as a “testbed” for cryptocurrency regulation in the region. This development therefore raises questions about its potential impact and impact on the broader cryptocurrency industry in the region.

Web3 Whitepaper.

The report, titled “Beijing Internet 3.0 Innovation and Development White Paper (2023)”, was released as a partnership between the Beijing Municipal Commission of Science and Technology and the Zhongguancun Science Park Management Committee. It reportedly highlights Web3 and the Metaverse’s commitment to innovation.

According to the Chaoyang newspaper published by state media conglomerate Shanghai United Paper: schedule Invest more than 100 million yuan annually in a special fund to help build the Web3 industry ecosystem. This is part of the district’s efforts to become a leading region for the “Internet 3.0 industry by 2025.”

Hong Kong opens up to cryptocurrencies.

Hong Kong Finance Minister Paul Chan announced the completion of the government’s cryptocurrency regulatory framework earlier this year. Regulatory requirements for virtual asset providers will be similar to those for traditional financial institutions from June 1, marking a significant shift in the region’s approach to cryptocurrency regulation. Chan also highlighted Hong Kong’s efforts to help grow the region’s Web3 industry, aiming to become a hub for cryptocurrency innovation.

The Hong Kong Securities and Futures Commission (SFC) is currently appointing the Responsible Officer (RO) of the virtual currency exchanges in preparation for the opening of applications for virtual currency trading licenses under the Securities and Futures Ordinance (SFO) and anti-money laundering on 1 June. has relaxed the requirements forand as reported by the Anti-Terrorist Financing Ordinance (AMLO) crypto slate May 24th.

An RO is an individual who holds a key position within a company’s senior management. To become an RO, she must be licensed by the SFC and approved as her RO for a particular exchange. Therefore, extensive experience is required, as ROS is a prerequisite for obtaining the necessary licenses.

Due to the current shortage of experienced ROs in the cryptocurrency sector, the SFC has reviewed its requirements so that exchanges require only two ROs instead of four, giving them a “real world” due to the talent shortage. approach” was adopted.

Focusing on Mainland China?

The cryptocurrency community may closely monitor developments unfolding in Beijing and Hong Kong, which may shape the future of the digital asset industry in the region and beyond, leading to increased innovation and a more transparent regulatory environment. In addition to the expected benefits, there are also the following challenges. To meet compliance requirements and adapt to new regulations.