The prospects for Web3.0 development are broad, and Shanghai is actively positioning itself.

Recently, the "2024 Shanghai Web3.0 Innovation Ecosystem Construction Research Report" was held in Shanghai. Representatives at the meeting unanimously agreed that the development of Web3.0 is crucial for the information technology industry. This report, guided by the Shanghai Municipal Science and Technology Commission and jointly published by the Liberation Daily and the School of Economics of Fudan University, is the first industry report in Shanghai focused on Web3.0.

The industrial ecosystem has initially formed, and RWA has become a new focus.

The report indicates that a global Web3.0 ecosystem has initially formed, based on a multi-power computing network, distributed data storage network, and high-speed communication network, with blockchain infrastructure at its core. Currently, innovation in core blockchain technologies is active, the industry scale is steadily growing, and corporate strength is continuously being demonstrated. A pattern has emerged globally with Ethereum as the main player, coexisting with multiple chains.

In the next 5-10 years, with the exploration by governments, regulatory agencies, and financial institutions around the world, traditional finance and capital will accelerate their convergence with RWA (Real World Asset Tokenization), forming multiple tokenized trading networks for capital and assets globally, facilitating the interconnectedness of global financial payment transactions.

Currently, multiple governments and mainstream financial institutions are beginning to accept Web3.0 financial assets and technology. Fiat stablecoins, tokenized deposits, central bank digital currencies (CBDC), and RWA are rapidly developing fields. For example, the IMF is developing a CBDC platform for cross-border transactions, and a large asset management company has launched a tokenized fund issued on the Ethereum network.

Hong Kong is also actively exploring related fields. The Hong Kong Monetary Authority is collaborating with other central banks to develop the "Multilateral Central Bank Digital Currency Bridge Platform" project and has announced the working group list for the wholesale central bank digital currency project Ensemble, supporting interoperability between wCBDC, tokenized currencies, and tokenized assets.

Mainstream capital entering the market, top-level design is crucial

As ETFs attract mainstream capital into the Web3.0 market, the industry is entering a new phase of development. In January this year, the U.S. Securities and Exchange Commission approved the first Bitcoin spot ETF. Hong Kong and Australia have also successively approved related ETF products. The report believes that the listing and trading of spot ETFs will significantly enhance market liquidity and further stimulate ecological innovation and development.

However, the Hong Kong market adheres to the principles of stability and sustainable development for mainstream capital entering the Web3.0 market, including relevant legislation and introducing regulatory bodies for the "dual license" regulation of exchanges. These practices reflect that strengthening top-level design is one of the key tasks for the current development of Web3.0.

Experts point out that Web3.0 is in the early stages of significant development, with technological advancements making considerable progress, but it still needs the support of macro monetary policies and regulatory policies. Establishing a unified regulatory system is crucial for the healthy development of Web3.0.

Experts recommend studying "Token Economics"

Experts suggest that domestic government departments accelerate the research and formulation of regulatory policies for Tokens to provide security for the "Token economy" and digital assets. With the approach of the Web3.0 era, "Token economics" is on the rise, and governments, universities, and research institutions can conduct in-depth studies on this field of economics to provide academic support for the prosperity of the next generation of the internet and the innovative construction of regulatory systems.

Opportunities and Strategies for Developing Web3.0 in Shanghai

The report indicates that Shanghai has embarked on beneficial explorations in the development of Web3.0 through systematic, institutional, market-oriented, and rule-of-law approaches. Under the guidance of relevant support policies and planning, industries related to Web3.0, represented by blockchain technology, are continuously advancing, driving the rapid development of the digital economy and contributing to the construction of Shanghai's international science and technology innovation center.

In the future, Shanghai can make contributions in six aspects:

1. Fully leverage the advantages of the digital economy to provide a foundation for the construction of the Web3.0 ecosystem.
2. Introduce special support policies in the Web3.0 field, and carry out top-level design and system construction.
3. Increase financial support for the development of Web3.0.
4. Actively promote the construction of a standard system in the Web3.0 field.
5. Build a highland of innovation in the Web3.0 industry ecosystem.
6. Innovate the construction of the Web3.0 regulatory system.

Shanghai can leverage its advanced technologies and rich experience in financial technology, artificial intelligence, cloud computing, and other areas, combined with the characteristics of its industrial structure, to lead the digitalization of industries, transforming traditional productivity into new quality productivity, and promoting the practical application of the Web3.0 industry with a solid digital economy foundation.