Hong Kong Appoints 20 New Members to Drive Digital Asset Innovation

The Hong Kong government has appointed 20 new unofficial members to the Third Generation Internet Development Task Force, effective July 1, 2025. This strategic move is part of the region's broader initiative to position itself as a global leader in digital assets and technological innovation. The task force, chaired by the Financial Secretary, will focus on key areas such as blockchain, artificial intelligence, and the metaverse, aiming to drive the development of the third generation internet.

The newly appointed members bring a diverse range of expertise and perspectives to the task force, including representatives from academia, industry, and the public sector. Notable appointees include Cai Wensheng, Chen Delin, Qiu Dagen, Zhu Chengyu, Kong Jianping, Guo Yanlin, and Lin Huizhen. Their inclusion underscores the government's commitment to fostering innovation and technological advancement in the region. The task force will play a crucial role in shaping the future of the internet in Hong Kong, with a focus on promoting digital inclusion, enhancing cybersecurity, and fostering a vibrant digital economy.

The diverse backgrounds of the new members will enable the task force to address the complex challenges and opportunities presented by the third generation internet. This move is expected to enhance Hong Kong's standing as a global digital asset hub, aligning with the government's "Hong Kong Digital Asset Development Policy Declaration 2.0." The task force's goals are progressive, aiming to build a robust technological ecosystem that supports the region's ambitions in the digital financial landscape.

Public reaction to the appointments has been moderate, with official statements emphasizing the progressive nature of the task force's goals. Direct responses from the appointed members are pending observation on social platforms and forums. The task force's ambition aligns with Hong Kong's broader strategy to drive digital asset development, as outlined in the 2023-24 Budget, which marked the initial phase of its Web3 regulatory expansion.

The appointment of these industry leaders is a significant step in Hong Kong's journey to become a leading global digital asset hub. The task force's influence is expected to extend beyond blockchain technology, promoting growth in GDP related to digital assets and progressive regulations. This initiative underscores Hong Kong's potential leadership in the digital financial ecosystem, positioning the region as a pioneer in technological innovation and digital asset development.