Is Web3 really able to develop domestically in China?

First of all, the concept of Web3 is too vast, so vast that I don't even know if you're talking about trading cryptocurrencies or real-world applications. When it comes to trading cryptocurrencies, our country has a strict ban without question. But if we talk about real-world applications, let's discuss some facts: In August 2024, Ant Group's digital technology arm conducted a cross-border RWA financing in Hong Kong. They put a batch of operational revenue rights from mainland charging stations onto AntChain, packaged them into RWAs, and raised 100 million yuan to help the charging station operators expand into the new energy storage and charging station industries. By April 2025, Ant launched a blockchain platform specifically designed for RWAs, connecting 14 million new energy devices, aiming to create the world's largest new energy RWA ecosystem. And this August, JD.com, which plans to issue stablecoins, has also released several RWA-related positions in the past two months, such as "RWA Product Director" and "Asset Management System Product Director (New Energy Asset RWA focus)." If your thinking is still stuck on whether Web3 can survive now, then you're already out of touch with reality. Many Web3 concepts have long been integrated into many Web2 companies, such as supply chain execution and settlement, but are not widely known to the public. At a higher level, both the US and China are making moves in the RWA field; for example, the US recently passed the "GENUIS Act," and Hong Kong has become a testing ground for RWAs. Therefore, in China, you should be thinking not about whether Web3 can develop, but to what extent it has already developed. Its development path has long been shaped by regulators, policies, markets, and domestic and international environments, and it won't simply copy the foreign model of "cryptocurrency frenzy + decentralized autonomous organizations." Instead, it is an evolutionary path of "blockchain technology + value internet concept + compliant innovative applications." I believe the reason you're asking such a question is probably because you equate Web3 with those scammy crypto traders. But the reality has already changed dramatically and is evolving rapidly.