The Blockchain Industrial Park (BIP) in Hangzhou, China, is offering millions of dollars worth of subsidies to blockchain startups that will set up shop there, BIP said in its Industrial Park Policy released recently.
The BIP is tasked with aggressively developing high-level talent in the blockchain space both domestically and offshore to push the adoption of the technology. The move is intended to advance related policy chains, including capital mentorship, talent introduction, and equipment subsidies in addition to drafting appropriate rules and introducing substantive processes.
The policy statement said:
“For each issue, when there will be a specific project application between an ‘offshore blockchain’ and ‘Artificial Intelligence Town of China’, the other makes the issue public for the first time. During the reporting period, qualified companies can submit materials. The declaration system is only open during the reporting period. Please do not report at the same time. After the quality project passes the assessment, it will be organized by the Management Committee of Hangzhou Future Science and Technology City (CSIC)."
Blockchain startups that open in the industrial park are expected to receive up to $230,000 in rent assistance and nearly $1 million for research and development. However, more advanced startups can receive up to $480,000 in housing grants and up to $780,000 for research. They are also qualified to avail of maintenance funds as well as project-specific funding assistance.
Incubator of high-quality blockchain projects
According to the BIP, the park will be an incubator of high-quality projects in the blockchain industry all year round, with project applicants required to submit their documents to the Investment Promotion Bureau of the Future Technology City (Shanghai Creation Park) Management Committee.
All approved high-quality blockchain projects will located inside the BIP and enjoy preferential policies and make full use of the park's industrial chain, capital chain, and service chain resources.
China vies blockchain leadership
The move by the Hangzhou BIP comes several days after China’s Ministry of Industry and Information Technology (MIIT) released a white paper highlighting the country’s plan to be a leader in blockchain adoption in the real economy.
Chinese official news agency Xinhua reported:
“By the end of March 2018, there were 456 blockchain technology companies in the country, forming a complete industrial chain, including hardware manufacturing, platform services, security services, industrial technology application services, investment and financing, media and human resources services.”
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