Hainan, an island province in China released its blockchain policies to foster the growth and development of the emerging technology in the region.
According to Chinese crypto news outlet 8BTC, Hainan issued a ten-point blockchain policy measure aimed at upscaling blockchain development by supporting local developers and ensuring increased adoption of the novel tech.
As part of its efforts to revamp the local blockchain scene, Hainan is looking to invest 1 billion yuan ($140 million) in tech-related research and development. Registered businesses and higher institutions will be encouraged to research areas like smart contracts and privacy protection.
The island province also wants companies to operate regulated digital asset trading platforms. As part of the plans, foreign companies looking to participate in Hainan’s digital economy will do so via a regulatory sandbox before rolling out their services to the public.
Other highlights from Hainan’s 10-point blockchain agenda include using the technology to improve government policies, hosting conferences, and creating industrial clusters. Hainan’s blockchain agenda will test run for three years, after which the local government will revise and evaluate the policies while making improvements where necessary.
Hainan’s plans are part of a larger Chinese narrative involving obvious government participation in the adoption of emerging technology across the country. As previously reported by BeInCrypto, China recently created a national blockchain committee in partnership with major conglomerates like Huawei and Tencent.
Chinese businesses are also investing in blockchain adoption with Tencent announcing plans to pour about $70 billion into emerging tech including blockchain. Back in April, reports also emerged that China approved about 224 new blockchain-based projects from big-name brands in the country.