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

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On May 27, Bei­jing released an “Inter­net 3.0 Inno­va­tion and Devel­op­ment” white paper out­lin­ing advance­ments and sup­port for Inter­net 3.0 (web3) and the meta­verse, accord­ing to reports from Chi­nese media, ThePaper.

How­ev­er, as Binance CEO Chang­peng Zhao (CZ) high­light­ed on Twit­ter, the white paper’s pub­li­ca­tion is just days from the upcom­ing June 1 appli­ca­tion open­ing for Hong Kong cryp­tocur­ren­cy exchanges.

“Inter­est­ing tim­ing on this Web 3.0 white paper from the Bei­jing gov­ern­ment tech com­mit­tee with the June 1st antic­i­pa­tion in Hong Kong.”

The simul­ta­ne­ous release of Beijing’s web3 white paper and Hong Kong’s reg­u­la­to­ry push for cryp­tocur­ren­cy exchanges may sig­nal the begin­ning of a more open approach to dig­i­tal assets in the region.

Jason Fang from Sora Ven­tures shared sim­i­lar think­ing on CryptoSlate’s SlateA­sia pod­cast on numer­ous occa­sions, with Fang view­ing Hong Kong as the “test bed” for cryp­to reg­u­la­tion in the region. The devel­op­ment, thus, rais­es ques­tions about the poten­tial impli­ca­tions and impact on the broad­er cryp­tocur­ren­cy indus­try in the area.

Web3 white paper.

The report was released as a part­ner­ship between the  Bei­jing Munic­i­pal Sci­ence and Tech­nol­o­gy Com­mis­sion and the Zhong­guan­cun Sci­ence Park Man­age­ment Com­mit­tee, enti­tled the “Bei­jing Inter­net 3.0 Inno­va­tion and Devel­op­ment White Paper (2023).” It report­ed­ly empha­sizes a com­mit­ment to web3 and Meta­verse innovations.

Accord­ing to The Paper, pub­lished by state-backed media con­glom­er­ate Shang­hai Unit­ed, Chaoyang Dis­trict plans to invest no less than 100 mil­lion yuan annu­al­ly in spe­cial funds to sup­port the con­struc­tion of the web3 indus­try ecosys­tem. This is part of an effort by the dis­trict to become a lead­ing region for the “Inter­net 3.0 indus­try by 2025.”

Hong Kong opening up to crypto.

Hong Kong’s Finan­cial Sec­re­tary Paul Chan announced the com­ple­tion of the government’s cryp­to reg­u­la­tion frame­work ear­li­er this year. The reg­u­la­to­ry require­ments for vir­tu­al asset providers are set to be sim­i­lar to those for tra­di­tion­al finan­cial insti­tu­tions from June 1, mark­ing a sig­nif­i­cant change in the region’s approach to cryp­tocur­ren­cy reg­u­la­tion. In addi­tion, Chan empha­sized Hong Kong’s com­mit­ment to sup­port­ing the growth of the Web3 indus­try in the region, aim­ing to become a hub for cryp­to innovation.

The Hong Kong Secu­ri­ties and Future Com­mis­sion (SFC) is now eas­ing the require­ments for respon­si­ble offi­cers (ROs) on cryp­tocur­ren­cy exchanges in prepa­ra­tion for the June 1 appli­ca­tion open­ing for cryp­to trad­ing licens­es under the Secu­ri­ties and Futures Ordi­nance (SFO) and Anti-Mon­ey Laun­der­ing and Counter-Ter­ror­ist Financ­ing Ordi­nance (AMLO), as report­ed by Cryp­toSlate on May 24.

An RO refers to an indi­vid­ual who holds a cru­cial posi­tion with­in the senior man­age­ment of a com­pa­ny. To become an RO, they must obtain a license from the SFC and receive approval as an RO for a spe­cif­ic exchange. There­fore, ROS needs exten­sive expe­ri­ence as it is a pre­req­ui­site for obtain­ing the required license.

With a cur­rent short­age of expe­ri­enced ROs in the cryp­to sec­tor, the SFC has revised its require­ments so that exchanges now need only two ROs instead of four, adopt­ing a “prag­mat­ic approach” in light of the tal­ent crunch.

All eyes on mainland China?

The cryp­to com­mu­ni­ty will like­ly close­ly mon­i­tor the unfold­ing devel­op­ments in Bei­jing and Hong Kong as they may shape the future of the dig­i­tal asset indus­try in the region and beyond, with pos­si­ble ben­e­fits includ­ing increased inno­va­tion and a more trans­par­ent reg­u­la­to­ry envi­ron­ment, as well as chal­lenges such as meet­ing com­pli­ance require­ments and adapt­ing to new regulations.



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