China has said that it will develop a complete Web3 policy, with a focus on promoting innovative business models, such as non-fungible tokens (NFTs). The Ministry of Science and Technology declared that it would publish a Web3 strategy paper to give insight into the direction that the industry will take going forward. This action, which indicates a clear focus on promoting innovation in Web3 technologies, comes despite China’s ban on cryptocurrencies.

The next Web3 strategy document will cover important topics like government obligations, security, innovation, and inheritance. The Ministry of Science and Technology intends to improve departmental cooperation by working with organizations like the Chinese Academy of Sciences and the China Association for Science and Technology. The plan will also stress how critical it is to support innovation, carry out additional research, and improve skill development in the Web3 sector.

Pay attention to distributed applications and NFTs (dApps)

China’s Web3 plan will give priority to sectors including industry and government affairs, encouraging the creation of new business models like distributed apps (dApps) and NFTs. The aim is to expedite the inventive use of Web3 technologies and facilitate the establishment of a resilient digital ecosystem.

Web3 activities have been underway despite China’s severe position on cryptocurrencies, including the prohibition on trading and initial coin offerings (ICOs). Prior policy documents, such as the “Blockchain Information Service Management Regulations” and the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development,” were released by the technology ministry in association with the Cyberspace Administration of China. In addition, several government agencies from the energy, legal, copyright, and trade finance sectors have started blockchain pilot programs.

Dedication to Web3 Sector Development

In a clear declaration, the Ministry of Science and Technology expressed its support for the growth of the Web3 sector, acknowledging its importance in promoting technical advancement and enhancing China’s digital environment. It is anticipated that the next plan will offer a growth path for the industry, in line with China’s larger ambition for technological advancements.

The focus on NFTs and cutting-edge applications as China develops its Web3 agenda illustrates a sophisticated approach to blockchain and decentralized technology in the dynamic global environment.