Chinese city releases policy draft for metaverse industry development By Cointelegraph

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Chinese city releases policy draft for metaverse industry development

Published May 26, 2023 04:58AM ET Updated May 26, 2023 09:20AM ET

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Chinese city releases policy draft for metaverse industry development

On May 24, the Chinese city of Zhengzhou announced a series of policy proposals to support metaverse companies operating in the region. As part of the initiatives, the municipal government will establish a dedicated fund worth 10 billion yuan ($1.42 billion) to foster growth and development in the industry.

Per the government draft, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). The companies will also qualify for other benefits, including rent subsidies.

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