China’s Hainan Province Unveils $142M Blockchain Subsidy Fund

On December 4, the first Chinese blockchain pilot in Hainan pilot free trade zone (FTZ) released the “on-chain Hainan” plan and the subsequent measures to speed up blockchain adoption.

Meanwhile, the Hainan blockchain pilot area also officially signed a strategic cooperation agreement with the Dubai blockchain center, which is the first transnational practice of the plan.

The “on-chain Hainan” plan is to establish an innovation alliance, build blockchain university and explore talent training. The plan unveils $142 million blockchain subsidy fund. Leading talents will be awarded 1 million Chinese yuan, and fund about 5 million Chinese yuan will be provided for excellent technology application projects.

Three days ago, Hainan international offshore innovation demonstration zone construction and blockchain · digital asset trading technology innovation forum was held in Hainan, the southern province of China.

The forum unveiled Hainan international offshore innovation and entrepreneurship (Sanya) pilot area. As a state-sanctioned event supported by the Chinese government, the forum will bring together local and foreign officials and business leaders from countries along the Belt and Road to promote blockchain technology and drive international cooperation in the emerging digital economy.  During the forum, high-level Chinese officials, Huobi executives, and foreign dignitaries will share new insights on the development of the blockchain industry and the digital economy both in China and globally.

It is the first officially authorized blockchain pilot zone in China, said Wang Jing, head of the department, at the press conference. The pilot zone has so far accommodated more than 100 blockchain organizations and companies and is one of the fastest-growing blockchain clusters across the country. OK Group, the operator of cryptocurrency exchange OKEx, said it would set up a digital asset trading laboratory in Sanya, the southernmost city on Hainan Island.

In fact, the “on-chain Hainan” plan aims to build an international service platform for digitalized city, with the goal of building reliable digital governance and regulatory service system.

Hainan has been promoting its policies actively to attract people into the Hainan Blockchain Zone. Based in the Hainan Resort Software Community (RSC), an internet industrial park, the blockchain pilot zone was launched by the provincial department of industry and information technology in October 2018.

“The central government has given Hainan the right of ‘bold trial, bold pioneering and independent reform’ a which are the most required for the development of blockchain. Therefore, we have full confidence in Hainan’s blockchain industry.” Wang Jing, the head of Hainan pilot free trade zone (FTZ) said.

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