China Aims at Clarifying Web3 and NFT Growth Strategy

By: Isha Das

China is currently setting into motion its national framework to boost the adoption and growth of Web3 related services within the country. This involves fostering the development of new business models like Non-Fungible Tokens (NFTs) and Decentralized Applications (dApps). The Ministry of Industry and Information Technology (MIIT) is putting this plan into action in partnership with the Cyberspace Administration of China and has issued key policy documents guiding the process.

Additionally, a National Blockchain and Distributed Accounting Technology Standardization Technical Committee (TC590) has been established with the prime aim of creating a propitious environment for Web 3.0, leveraging blockchain technology. This strategy focuses on improving its technical research, fostering international collaborations and enlarging the scope and awareness of the technology.

China also intends to launch a digital identity service called RealDID to cater to the increasing requirements of its digital economy while striking a chord between user anonymity and real-name verification.