Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

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

by Index Investing News
May 27, 2023
in Cryptocurrency
Reading Time: 3 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


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.





Source link

Tags: BeijingsBinanceCEOChinaCryptohighlightsHongKongPaperRegulatoryTimingWeb3White
ShareTweetShareShare
Previous Post

WSJ Says a Housing Bust is Coming For Small-Time Investors—Here’s Why They Might Be Right

Next Post

TSA PreCheck makes sense amid busy travel season if you can get it

Related Posts

Bitcoin Nears Finish Of Submit-Halving Consolidation Section – Cycle Peak In Sight?

Bitcoin Nears Finish Of Submit-Halving Consolidation Section – Cycle Peak In Sight?

by Index Investing News
May 25, 2025
0

Trusted Editorial content material, reviewed by main business consultants and seasoned editors. Advert Disclosure It’s been simply over a yr...

Former IMF chief economist believes crypto is a rising menace to the U.S. Greenback’s dominance

Former IMF chief economist believes crypto is a rising menace to the U.S. Greenback’s dominance

by Index Investing News
May 25, 2025
0

American economist Kenneth Rogoff believes that the rise of crypto poses a menace to the hegemony of the U.S. greenback.Rogoff...

Ripple Executives Be a part of Satoshi Nakamoto

Ripple Executives Be a part of Satoshi Nakamoto

by Index Investing News
May 25, 2025
0

Professional-XRP lawyer John Deaton has tapped two Ripple executives to hitch an unique listing of crypto all-time greats. The XRP...

Market Skilled Tasks ‘Undervalued’ Litecoin To Soar At Least 1,000% —  Right here’s How

Market Skilled Tasks ‘Undervalued’ Litecoin To Soar At Least 1,000% —  Right here’s How

by Index Investing News
May 24, 2025
0

Opeyemi is a proficient author and fanatic within the thrilling and distinctive cryptocurrency realm. Whereas the digital asset business was...

Chinese language Automotive Agency Reveals Twin-Observe Plan to Purchase 1,000 Bitcoins Over Subsequent Yr

Chinese language Automotive Agency Reveals Twin-Observe Plan to Purchase 1,000 Bitcoins Over Subsequent Yr

by Index Investing News
May 24, 2025
0

Jiuzi Holdings, Inc. plans to amass 1,000 bitcoins over the approaching 12 months by means of a mix of recent...

Next Post
TSA PreCheck makes sense amid busy travel season if you can get it

TSA PreCheck makes sense amid busy travel season if you can get it

Profit Rises 44% To Rs 6,128 Crore

Profit Rises 44% To Rs 6,128 Crore

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

NFT Decentralized Exchange Collection.xyz Launches on Ethereum

NFT Decentralized Exchange Collection.xyz Launches on Ethereum

April 23, 2023
WHO says Syria, already in crisis, needs massive humanitarian aid after earthquake

WHO says Syria, already in crisis, needs massive humanitarian aid after earthquake

February 7, 2023
From Silicon Valley to Colombia

From Silicon Valley to Colombia

December 11, 2022
They Had 0,000 for an Apartment in Manhattan or the Bronx. Here’s What They Found.

They Had $250,000 for an Apartment in Manhattan or the Bronx. Here’s What They Found.

June 1, 2023
Celtics want to contemplate long-term impression of Kevin Durant-Jaylen Brown commerce

Celtics want to contemplate long-term impression of Kevin Durant-Jaylen Brown commerce

July 26, 2022
First Team Sheds Christie’s Affiliation, Names Michele Harrington CEO

First Team Sheds Christie’s Affiliation, Names Michele Harrington CEO

October 25, 2023
Words on Wealth: How your investments fared in the past quarter

Words on Wealth: How your investments fared in the past quarter

October 20, 2023
How I Retired in My Mid-30s Whereas Working Simply 4 Hours a Week

How I Retired in My Mid-30s Whereas Working Simply 4 Hours a Week

August 30, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In