China sets sights on web3 innovation with national framework for NFTs and dApps News โธ China โธ Regulation
China sets sights on web3 innovation with national framework for NFTs and dApps
China targets web3 integration and standards development, indicating a selective embrace of blockchain technology.
2 min read
Updated: Dec. 20, 2023 at 6:56 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
China has revealed its interest in establishing a framework to advance the adoption and growth of web3 services within the nation.
According to a statement released by the Ministry of Industry and Information Technology (MIIT), the framework is set to encompass the development of non-fungible tokens (NFTs) and decentralized applications (dApps) within the Asian country. A translated version of the statement reads:
“Focus on key areas such as government affairs and industry, encourage the development of new business models such as NFT and distributed applications (DApp), and accelerate the innovative application of Web3.0 and the construction of a digital ecosystem.”
In partnership with the Cyberspace Administration of China, the Ministry has issued key policy documents like the “Guiding Opinions on Accelerating Blockchain Technology Application and Industrial Development” and the “Regulations on Blockchain Information Services.”
Furthermore, it has established the National Blockchain and Distributed Accounting Technology Standardization Technical Committee (TC590) in collaboration with the National Standardization Committee. This initiative aims to foster a conducive development environment for Web 3.0 leveraging blockchain technology.
China web3 development strategy
The framework targets four key areas to bolster China’s strategy for web3 development. These areas involve conducting research tailored to the country’s specific conditions, mapping out the developmental trajectory, and addressing matters related to innovation and legacy.
Furthermore, China’s strategy involves improving its technical research and oversight, fostering collaborations with international industry stakeholders, and enhancing the visibility of the technology.
These plans aim to foster advancements and apply the web3 technology effectively to the country’s development. This focused approach could position China’s claim for a substantial stake in the emerging industry. Meanwhile, in a parallel initiative, China is piloting a new digital identity service called RealDID. This service aims to meet the demands of a burgeoning digital economy by striking a balance between ensuring user anonymity and requiring real-name verification.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
