China launches a new international AI organization with 29 countries, and the implications for crypto and tech markets are worth watching closely
China just made its boldest move yet to become the referee of the global AI game, not just a player. President Xi Jinping used the World Artificial Intelligence Conference in Shanghai on July 17 to position Beijing as the architect of international AI governance, while making clear that Chinese companies should be the ones cashing checks as the technology reshapes every economy on the planet.
A new global AI club, and the West wasn’t invited #
The day before Xi’s keynote, 29 countries signed an agreement establishing the World Artificial Intelligence Cooperation Organisation, or WAICO. The founding members read like a roster of the Global South’s heavyweights: Brazil, Russia, South Africa, and a constellation of emerging economies that have grown increasingly skeptical of Western-dominated tech governance.
Xi compared AI to the steam engine, calling it an “epoch-making technological transformation.” He used the Shanghai stage to announce 5,000 AI training opportunities for developing countries over the next five years and pledged deeper collaboration with regional blocs like ASEAN and BRICS.
The governance playbook and what it means for tech #
China’s Global AI Governance Initiative dates back to 2023, promoting what Beijing describes as safety, controllability, and inclusivity in AI development. Premier Li Qiang first unveiled plans for WAICO in July 2025. And earlier in 2026, Xi launched the “AI+” campaign to build what officials call a new intelligent economy.
Xi took a pointed swipe at what he called the “overstretching of national security concepts” in AI governance, telling Washington that using national security as a justification for export controls and chip restrictions is a game two can play.
The crypto angle you’re not hearing about #
What’s conspicuously absent from Xi’s AI vision is any mention of blockchain technology or cryptocurrency. China has spent years cracking down on crypto trading and mining while simultaneously building its digital yuan infrastructure. The fact that Beijing’s AI governance push doesn’t integrate decentralized technology suggests the country intends to keep its AI and financial technology stacks firmly centralized and state-directed.
Investors should also watch how WAICO member nations approach crypto regulation going forward. Brazil, notably a WAICO founding member, has been relatively progressive on crypto regulation compared to China. Whether that independence survives deeper tech alignment with Beijing is an open question.
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