Yat Siu, the chairman of Animoca Brands, and a prominent web3 investor, believes that a recent Beijing’s white paper published by the Beijing Municipal Science & Technology Commission could mark the beginning of a revival in the cryptocurrency industry in mainland China. Siu sees this development as a potential avenue for Chinese citizens to legally participate in the ownership and acquisition of digital assets, possibly through Hong Kong. He also highlights the timing of this white paper in connection with recent moves by Hong Kong to establish itself as a hub for digital assets.

Beijing'S White Paper

Web3 Technology Recognized as the Future

The white paper, released on May 27, acknowledges web3 technology as an “inevitable trend for future Internet industry development.” Beijing aims to provide policy support and seek technological breakthroughs to strengthen the industry. Siu believes that this recognition and support from Beijing indicate a significant shift toward embracing web3 technology and its potential applications.

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Hong Kong’s Role in Crypto Expansion

Coinciding with the white paper, Hong Kong authorities announced that retail trading of larger tokens would be permitted in the region starting from June 1. This move aligns with the city’s plan to transform itself into a digital asset hub. Siu views this as another piece of the puzzle, suggesting that Beijing’s white paper and Hong Kong’s plans are interconnected, potentially paving the way for Chinese citizens to engage with digital assets legally through Hong Kong.

Diverging Views on Web2 and Web3

Siu discusses the contrasting approach between the United States and Asian countries, particularly China, towards web3 technology. He criticizes the dominance of American tech giants like Apple, Facebook, LinkedIn, Google, and Microsoft, and highlights the dependency of developers worldwide on their platforms. Siu suggests that web3 technology provides an opportunity for other sovereign nations to build a more open, inclusive, and sovereign framework.

Animoca’s Position in the Crypto Industry

Beijing'S White Paper

Animoca Brands, known for its active investments in the crypto space, is seeking $1 billion from external investors for a web3 and metaverse fund. Siu mentions that while the company won’t slow down its U.S. investments, it advises its startups to consider opportunities in Asia. He emphasizes the growing potential in Asia, indicating that the American dream is more alive and well in Asia than in the United States.

Yat Siu, chairman of Animoca Brands, sees the recent white paper published by Beijing authorities as a crucial step towards revitalizing the crypto industry in China. The document recognizes web3 technology as the future of the Internet industry and aims to provide policy support and seek technological breakthroughs in this field.

Siu suggests that the timing of this development, along with Hong Kong’s plans to become a digital asset hub, may offer Chinese citizens a legal pathway to participate in the ownership and acquisition of digital assets through Hong Kong. The growing opportunities in Asia have led Animoca Brands to encourage its startups to explore the region’s potential while highlighting the need for a more open and inclusive framework beyond the dominance of American technology giants.

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