Changpeng Zhao, popularly known as “CZ,” the founder and CEO of Binance, discusses China’s recent release of the Web3 Innovation and Growth White Paper. This white paper’s publication corresponds with the imminent launch of Hong Kong’s cryptocurrency licensing scheme.
Unveiling of China’s Web3 White Paper
Beijing Municipal Science and Technology Department The “Web3 Innovation and Growth White Paper (2023)” was released by Fee via the Zhongguancun Discussion board. This document emphasizes the critical role of web3 knowledge in influencing the future of the web industry, causing a stir in tech and crypto circles.
The Crypto Licencing System in Hong Kong
According to Julia Leung, the CEO of the city’s Securities and Futures Fee (SFC), Hong Kong is emerging as a promising cryptocurrency centre and is set to reveal specific guidelines for crypto exchange debuts on June 1st.
From June 1st, retail purchasers will be able to participate in the purchasing and trading of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Certain limits, however, apply to crypto exchanges that serve customers with portfolios worth less than HK$8 million.
Investigating Additional Initiatives
The SFC is not about to give up on the crypto licencing milestone. They are currently investigating other programmes to assess the benefits of digital assets in financial markets. These include the tokenization of inexperienced bonds and the establishment of a Hong Kong-specific Central Financial institution Digital Forex (CBDC).
The confluence of China’s Web3 White Paper and Hong Kong’s crypto licencing regime marks a significant turning point in the junction of innovation and regulation. As these changes evolve, the tech and crypto communities are keen to see what long-term ramifications and alternatives they may provide.
