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China’s Hainan Encourages Leading Enterprises to Construct Digital Assets Trading Platform

Recently, the island province Hainan in South China released a series of policies to accelerate the blockchain industry growth, among which the leading enterprises are encouraged to construct digital assets trading platforms.

Set up the blockchain joint innovation platform

Set up the “Hainan free trade zone (port) blockchain industry expert committee” with the participation of well-known academicians, experts, and entrepreneurs at home and abroad. Cooperate with domestic and foreign scientific research institutions and enterprises to build a global blockchain laboratory and a blockchain joint innovation platform, and explore a new model of blockchain talent training.

Set up a blockchain industry fund

The provincial industrial and information industry fund is encouraged to set up a “Blockchain Industry Sub Fund” of 1 billion Chinese yuan in a market-oriented way, attract social funds to gather and form a capital supply effect, and provide multi-level services such as angel investment, equity investment and value-added post-investment for blockchain enterprises.

Support blockchain infrastructure construction

Support enterprises registered and settled in Hainan to build blockchain public service platform, computing power public service system, public chain underlying platform with independent intellectual property rights, enterprise-level consortium blockchain platform. Hainan will support leading enterprises to explore the construction of digital asset trading platforms, explore standards and technical models in asset digitization, digital asset right confirmation and protection, the global flow of digital assets, and digital asset trading as well as promoting the first trial of digital asset-related formats in Hainan.

Promote tourism consumption blockchain bonus

Steadily promote the construction of Hainan tourism consumption bonus based on blockchain technology, realize the mutual exchange of consumption bonus of different businesses in the fields of public transport, hotel accommodation, catering and shopping, tourist attractions, culture and entertainment, help enterprises in all links of the tourism industry to realize user sharing, marketing promotion and service interaction, improve user stickiness, reduce customer cost.

Adopt blockchain to reform digital government affairs

To drive the breakthrough of demonstration application of blockchain-driven by the application of government blockchain, and actively promote the application of blockchain technology in education, employment, pension, targeted poverty alleviation, health care, commodity anti-counterfeiting, food safety, public welfare, social assistance, data asset operation. Using blockchain technology to promote the province’s information, capital, talent, credit and other aspects of greater connectivity. Giving the priority for e-government projects applying blockchain technology to the annual construction plan.

Encourage R&D of blockchain core techs

With universities and key enterprises registered in Hainan, aiming at improving the security and operation speed of the blockchain, and focusing on meeting the needs of large-scale commercial applications, the key technologies of the blockchain, such as consensus mechanism, distributed computing and storage, asymmetric cryptography technology, smart contract, digital signature, side chain, fragmentation and security technology including privacy protection, are deeply implemented continuous evolution and upgrading research project.

Build blockchain application demonstrations

A number of blockchain application demonstration projects are planned and published, and a global unveiling activity is carried out. Hainan free trade zone (port) blockchain industry expert committee is entrusted to select a group of units with strong innovation ability and key core technology. If the selected excellent enterprises are registered in Hainan, they can be recommended to the provincial industrial and information industry investment fund in a market-oriented way.

Explore blockchain regulatory sandbox

Explore the “blockchain + financial sandbox supervision mechanism”. After approval, financial enterprises can carry out blockchain innovative products, services, business models and transmission mechanism tests in the sandbox.

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