The new crypto-friendly regulation, however, only applies to people in Hong Kong and remains off-limits to mainland users. The white paper arrives at a particularly interesting time given Hong Kong recently implemented its new regulatory regime for cryptocurrencies, allowing licensed exchanges to serve retail investors, a departure from mainland China’s crackdown on all forms of crypto trading. In other words, Internet 3.0 isn’t just web3 but comprises AR/VR, the metaverse (however you define that) and other concepts that highlight the integration of the virtual and real worlds. Its concept embodies the transition of human society and economy from reality to virtuality, from virtuality to reality, and the virtual-real integration.” The paper goes on to explain that Internet 3.0 “includes the essence of the metaverse and web3. Web3 is just one element within this new immersive world. Zhao also seems to have conflated what the Commission dubs Internet 3.0 with web3. It’s worth noting that the white paper is from Zhongguancun, the Chinese government’s designated high-tech industrial zone that’s home to some of the country’s better-known tech firms, and may not necessarily reflect the official position of Beijing’s municipal government, let alone the nation’s top policymakers. The paper caught the attention of Binance founder Changpeng Zhao, who said in a viral tweet that “web3 all over the places” in the document. The catch-all term is sometimes used interchangeably with crypto, but in China, the government is pursuing its own path in web3 that so far has excluded all things crypto-related.Įarlier this week, the Beijing Municipal Science & Technology Commission, Administrative Commission of Zhongguancun Science Park released a white paper on the so-called Internet 3.0 that offered a peek into China’s stance on web3. Web3 has come to be known as the internet built on decentralized blockchains that power applications like cryptocurrencies and NFTs.
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