China’s Web3 White Paper Fuels Crypto Frenzy In Hong Kong; CZ Reacts
Changpeng Zhao, also known as “CZ,” the founder and CEO of changpeng zhao changpeng zhao Changpeng Zhao is the Founder and Chief Executive Officer at Binance.His contribution to the enhancement of Binance made the platform world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance.US. He is commonly known as CZ, a Chinese-Canadian Business Executive who has been ranked 113th richest in the globe as of 2022. In the past, he founded Fusion Systems, a trading system for brokers famous for some of the fastest high-frequency trading systems for brokers. Zhao has served as a member of the team that developed Blockchain.info and played the role of Chief Technology Officer of OKCoin, a secure cryptocurrency exchange platform for Bitcoin, Ethereum, Dogecoin, and other crypto assets. EntrepreneurInvestorChief Executive Officer , shares his insights on China’s recent release of the Web3 Innovation and Development White Paper. The timing of this white paper coincides with the impending rollout of Hong Kong’s cryptocurrency licensing system.
China’s Web3 White Paper Unveiled
The Beijing Municipal Science & Technology Commission introduced the “Web3 Innovation and Development White Paper (2023)” during the Zhongguancun Forum. This document highlights the crucial role of web3 technology in shaping the future of the internet industry, creating a buzz within tech and crypto circles.
Hong Kong’s Crypto Licensing System
Hong Kong is emerging as a promising cryptocurrency hub and is set to unveil definitive guidelines for crypto exchange launches on June 1st, according to Julia Leung, the CEO of the city’s Securities and Futures Commission (SFC).
These regulations will enable retail investors to participate in the trading of major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), starting from June 1st. However, certain restrictions apply to crypto exchanges serving investors with portfolios below HK$8 million.
Also Read: Hong Kong’s Retail Traders Embrace Conflux, the Chinese Ethereum – Coinpedia Fintech News
Exploring Further Initiatives
The SFC is not stopping at the crypto licensing milestone. They are actively exploring additional initiatives to evaluate the benefits of digital assets in financial markets. These include the tokenization of green bonds and the development of a proprietary Central Bank Digital Currency (CBDC) for Hong Kong.
The convergence of China’s Web3 White Paper and Hong Kong’s crypto licensing system signifies a significant turning point in the intersection of innovation and regulation. As these developments unfold, the tech and crypto communities eagerly await the future implications and opportunities they may bring.