China’s Ministry of Industry and Information Technology has responded to a proposal advocating for the development of Web3 technologies, including the metaverse, non-fungible tokens (NFTs), and decentralized apps (dapps).

In a detailed response, the ministry expressed that the suggestions align with its strategic direction and emphasized the significance of Web3 industry development. Despite China’s comprehensive crypto ban in 2021, the ministry highlighted various initiatives already undertaken to support the industry.

These include issuing policies, establishing standards committees, fostering research institutions, creating data institutions, and promoting international collaboration. The ministry acknowledges China’s advantages in developing Web3, citing a solid industrial foundation and extensive development space.

The response outlined specific steps to further support the industry. These include improving Web3 research, formulating a development strategy, strengthening technical research and supervision, fostering international exchanges and cooperation, and enhancing publicity and promotion.

The ministry aims to collaborate closely with relevant departments to drive Web3 innovation and achieve high-quality industrial development. The focus is on encouraging the development of new business models such as NFTs and decentralized applications, accelerating innovative applications of Web3.0, and constructing a robust digital ecosystem.

This commitment reflects China’s recognition of the transformative potential of Web3 technologies despite regulatory challenges, signaling a strategic push towards fostering innovation and international collaboration in the rapidly evolving landscape of decentralized technologies.