The Hong Kong government announced the appointment of 20 new unofficial members to the Third Generation Internet Development Task Force, effective July 1, 2025. This move aims to bolster Hong Kong's position in the digital assets sector.
Appointment of New Internet Task Force Members
Hong Kong's government updated its Third Generation Internet Development Task Force, bringing in 20 industry leaders, including Cai Wensheng and Dr. Xiao Feng. These appointments aim to guide digital asset policy. The government underscores the expertise of the new appointees as vital to the region's ambitions.
Influence of Task Force on Blockchain and Digital Economy
The task force's ambitions align with Hong Kong's 2023-24 Budget, which initially marked the beginning of its Web3 regulatory expansion phase. This initiative may drive further development in blockchain technology and boost GDP related to digital assets. Additionally, it highlights Hong Kong's potential leadership in the digital financial ecosystem.
Public Reaction
Public reaction to these appointments remains moderate. Official statements emphasize the progressive nature of the task force's goals, but direct responses from appointed members are still awaited, which could emerge on social platforms and forums.
The appointment of new experts to the Internet Task Force underscores Hong Kong's strategic aspirations to strengthen its position in the global digital asset market. These initiatives may significantly impact the further development of blockchain technologies and the digital economy in the region.
