The authorities in Beijing, the capital of China, published a Web3 report to support the development of Web3 at the ZGC Forum, a technology summit held in the country. Binance CEO Changpeng Zhao, on the other hand, said "The timing is interesting" regarding the report, which was greeted with joy on behalf of China's changing attitude.

The local government in Beijing, the capital of China, has published an official report aimed at supporting Web3 investments and encouraging technology-oriented developments.

The emphasis on "an inevitable trend”

The report was announced at the ZGC Forum, a major technology summit that began on Thursday in Beijing. The report described Web3 technology as “an inevitable trend for the development of the Internet industry of the future”. The report included the system architecture of Web3, the state of development at home and abroad, its status in Beijing and development recommendations.

Meanwhile, speaking at the forum, Yang Hongfu, director of the management committee of China's Zhongguancun Chaoyang technology center, said that starting this year, Chaoyang city will invest at least 100 million yuan ($14 million) in private funds every year to support Web3 work. Hongfu also stressed that the purpose of these investments is to make Chaoyang a leading city in the field of Web3.

Binance CEO Changpeng Zhao made an assessment about the published report. “The timing of the report is interesting,” Zhao said, referring to the entry into force on June 1 of the regulation granting cryptocurrency trading permits to individual investors in Hong Kong.

Hong Kong's decision has generated enthusiasm

As we have previously reported, the SFC, the financial markets regulatory and supervisory authority of the Chinese special administrative region of Hong Kong, announced that individual investors will also be able to start trading cryptocurrencies from June 1, in line with the decision taken in recent weeks. The decision was greeted with enthusiasm in the cryptocurrency market, while there is expected to be a significant flow of money from Hong Kong. Cryptocurrency exchanges have also launched platforms that will provide services in this region by obtaining licenses from Hong Kong one after the other.

The scissor change on crypto in China

It is clearly seen that there is a scissor change in China's attitude towards crypto. Chinese state television CCTV has also recently started to feature crypto. However, it was also noted that the Chinese state-owned Greenland company applied for a license to provide crypto services in Hong Kong. In October, the Hong Kong monetary authority HKMA asked banks to provide convenience to cryptocurrency companies. #hongkong #czbinance #BTC #Binance #Ethereum