Shanghai's first official industry report for Web 3.0 is released: The world has become more powerful, and it is recommended to innovate the regulatory system

At the recently held "2024 Shanghai Web3.0 Innovation Ecosystem Construction Research Report" (hereinafter referred to as the "Report") conference, representatives from government agencies, universities, and related industries unanimously believed that the development of Web3.0 has an important impact on The information technology industry is critical. The "Report" was guided by the Shanghai Municipal Science and Technology Commission and jointly released by Liberation Daily and Fudan University School of Economics. It is Shanghai's first industry report oriented to Web3.0. The industrial ecology has initially taken shape, and RWA is about to emerge. In order to fully understand Web3.0, the "Report" writing team conducted extensive research on Web3.0 upstream and downstream enterprises. Research units include underlying technology development companies Conflux and Artela, security audit companies Certik and ZAN, data analysis companies Trusta Labs, infrastructure providers TRON and Binance, Web3.0 application users COSCO Shipping Lines, etc. Through in-depth and comprehensive research, the "Report" points out that global Web 3.0 has initially formed an ecosystem based on multiple computing power networks, distributed data storage networks, high-speed communication networks, and blockchain infrastructure as the core. At present, the core technology innovation of blockchain is active, the industrial scale is growing steadily, and the strength of enterprises is continuously demonstrated. Ethereum, Solana, Polygon, etc. have formed a rich, high-performance, and secure public chain ecosystem. The global one-super-multi-power structure, with Ethereum as the mainstay and multiple chains coexisting, has gradually formed. Regarding the next development of Web3.0, both the "Report" and participating experts mentioned the "RWA" trend. RWA is the abbreviation of "Real World Asset", which means "tokenization of real world assets". Assets such as currencies, bonds, trade finance, and energy can all become anchors of RWA. The "Report" points out that in the next 5-10 years, with the exploration of various governments, regulatory agencies and financial institutions, traditional finance and capital and RWA will accelerate towards each other, forming multiple capital and asset tokenized transaction networks around the world. , Promote the interconnection of global financial payment transactions. At present, as policies, technologies, and markets continue to mature, Web3.0 financial assets and technologies are beginning to be accepted by governments and mainstream financial institutions in many countries. In this context, the tokenization of funds represented by Fiat-based Stablecoin, Tokenised Deposits, Central Bank Digital Currency (CBDC), and Real World Assets-RWA ), the asset tokenization represented by , has developed and grown rapidly. For example, the IMF is already developing a central bank digital currency (CBDC) platform to enable transactions between countries. In March, BlackRock launched its first tokenized fund issued on the Ethereum network, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). Among various explorations, Hong Kong’s practice is equally remarkable. With the participation of the Bank for International Settlements (BIS), the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Research Institute of the People's Bank of China and the Central Bank of the United Arab Emirates jointly developed the "Multilateral Central Bank Digital Currency Bridge Platform" project to help relevant central banks accelerate the use of CBDC to improve cross-border improve the efficiency of cross-border payments and solve many bottlenecks of traditional international cross-border payments. On May 7, the Hong Kong Monetary Authority announced the list of architectural working groups for the wholesale central bank digital currency (wCBDC) project Ensemble to support the interoperability between wCBDC, tokenized currencies and tokenized assets. The initial members include the Hong Kong Monetary Authority, the Securities and Futures Commission, the Hong Kong Center of the Bank for International Settlements Innovation Hub, the CBDC Expert Group and seven corporate institutions, namely Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Hong Kong, and HashKey Group , Ant Digital and Microsoft Hong Kong. This move is also regarded as a key step for Hong Kong to enter the RWA market. When TRON accepted the preliminary survey of the "Report", it pointed out that the popularization of stablecoins and RWA is a development process that blockchain and encryption technology must go through. With the passage of Bitcoin spot ETF, stablecoins and RWA will usher in Rapid development period, and drive the development of the entire Web3 industry. "RWA will be a trend in the future. It not only has on-chain and off-chain interactions, but also requires regulatory compliance. Under the premise of opening up the regulatory level, RWA's advancement speed and efficiency are relatively high." Joint security agency CertiK Founder Gu Ronghui said at the press conference. Mainstream funds have entered the game, and "waiting for the wind to come" cannot be separated from top-level design. With the simultaneous development of RWA, it is ETF that attracts mainstream funds to pour into the Web3.0 market. In January 2024, the U.S. Securities and Exchange Commission (SEC) approved Bitcoin spot ETFs for the first time in history, authorizing the first batch of 11 ETFs to begin listing and trading. Similarly, the Hong Kong Securities Regulatory Commission approved the Bitcoin ETF and Ethereum ETF products of China Asset Management (Hong Kong), Harvest International, and Boshi International in April. Just on June 20, the Bitcoin ETF was listed on a major Australian stock exchange for the first time. The "Report" believes that the listing and trading of spot ETFs is an important step in the Web3.0 industry, which will greatly enhance the liquidity of the market and further stimulate ecological innovation and development. The "Report" believes that with the listing of cryptocurrency ETFs, Hong Kong's goal of developing into a Web 3.0 hub has become increasingly clear. However, it can also be seen that the Hong Kong market has adhered to the purpose of steady and sustainable development for mainstream funds to enter the Web3.0 market from the beginning, including the legislative passage of the "Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022", the introduction of Credible regulatory agencies conduct "dual license" supervision of exchanges, etc. Currently, only HashKey Exchange and OSL Digital Securities have obtained Hong Kong virtual asset licenses.With reference to the practices in the Hong Kong market, the "Report" and participants believe that they reflect that strengthening top-level design is one of the top priorities for the current development of Web 3.0. Meng Yan, the director of SFT Labs, pointed out that Web3.0 is in the early stages of its great development and “has one condition and is waiting for two trigger points.” "One condition" mainly refers to technological development, that is, high-performance blockchain, privacy computing, ZK zero-knowledge proof, security audit and other technologies have made great progress; one of the "two trigger points" is the external financial environment, mainly Macro monetary policy, and the other is regulatory policy. He also added: "Web3.0 is currently dormant, waiting for a relaxed macroeconomic environment. In addition, because the world has not well established a unified regulatory system, there are always many speculation and fraud risks in this market. For Web3 The healthy development of .0 poses a long-term challenge. "Experts recommend studying "Token Economics" "I am communicating with you in Melbourne to talk about the development of overseas WEB3.0." SFT Labs Manager, ERC-3525 Token. Meng Yan, co-author of the standard, expressed his views via video connection. In his view, WEB3.0 is on the eve of great development, just like the Internet before 2005. Although it is favored by many people, it has not yet entered the fast lane of development. At present, the technical reserves in this field are relatively abundant, and high-performance blockchain, privacy computing, real-world assets... have laid a solid foundation for future industry development. However, in terms of external conditions, the assistance of macro monetary policy and regulatory policy is still needed. "It is recommended that domestic government departments speed up the study and formulation of Token regulatory policies to provide security for the 'Token economy' and digital assets." Talking about the "Token economy", Xu Xiaoyu, managing partner of Amino Capital from Silicon Valley, said that with WEB3 As the .0 era approaches, "Token economics" is emerging. Governments, universities and scientific research institutions can conduct in-depth research on this economics to provide academic support for the prosperity of the next generation Internet and the construction of innovative regulatory systems. Li Chao, deputy director of the Blockchain Research Institute of the Shanghai Academy of Sciences, also said: "How to balance supervision and innovative applications of Web3.0 is the key point for the healthy and rapid development of Web3.0."

Because of this, professional institutions and Industry insiders are optimistic about China and Shanghai's opportunities in the development of Web3.0.

1. How does Shanghai develop Web3.0?

The "Report" believes that Shanghai has carried out useful explorations in systematization, institutionalization, marketization and legalization in the development of Web3.0. Under the guidance of supporting policies and planning, Web3. 0 The continuous progress of related industries has assisted the construction of Shanghai International Science and Technology Innovation Center.

Based on this, the "Report" believes that in the Web3.0 era, Shanghai can make a difference in the following six aspects:

1. Give full play to the advantages of Shanghai's digital economy and provide a solid foundation for the construction of the Web3.0 ecosystem.
2. Introduce special support policies around the Web3.0 field and carry out top-level design and system construction of Web3.0.
3. Increase financial support for the development of Web3.0.
4. Actively promote the construction of the standard system in the Web3.0 field.
5. Create a Web3.0 industrial ecological innovation highland.
6. Innovative Web3.0 supervision system construction.

In short, Shanghai can use its advanced technology and rich experience in financial technology, artificial intelligence, cloud computing, etc. to upgrade traditional productivity into new productivity and promote the application of Web3.0 industry with a good digital economic foundation.

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