Hong Kong Government Announces New Appointments to Task Force on Promoting Web3 Development, Featuring Meitu Founder Cai Wensheng and Wanxiang Blockchain Founder Dr. Xiao Feng

Hong Kong Government announced the appointments and reappointments of 20 non-official members to the Task Force on Promoting Web3 Development for a two-year term starting July 1, 2025. The Task Force, established in 2023, aims to provide innovative and practical advice on Web3 development in Hong Kong.

The Task Force is chaired by the Financial Secretary and includes non-official members from relevant sectors, alongside key government officials and financial regulators.

Newly appointed members include (in alphabetical order of family names):

• Professor Alex Au Wai-chi, Co-Founder of Hong Kong Digital Asset Society

• Mr Cai Wensheng (newly appointed member), Founder of Meitu Inc. (HKG: 1357)

• Mr Norman Chan Tak-lam, ex-Chief Executive of the Hong Kong Monetary Authority

• Mr Duncan Chiu, Member of Legislative Council for the Technology and Innovation functional constituency

• Mr Lawrence Chu Sheng-yu, Principal at Shikumen Capital Management (Hong Kong) Ltd.

• Dr Jack Kong Jianping, Chairman and CEO of Nano Labs (NASDAQ: NA)

• Mr Kwock Yin-lun (newly appointed member), Founder & CEO of OneInfinity

• Ms Joy Lam, Head of Global Regulatory and APAC Legal of Binance

• Mr Marco Lim Jun-kit (newly appointed member), Partner of Solowin Holdings

• Professor Lin Chen, Chair of Finance at HKU Business School

• Mr Robert Andrew Lui Chi-wang, Council Member of CityUHK

• Mr Henry Ma Chi-to (newly appointed member), Chief Information Officer of WeBank

• Dr Johnny Ng Kit-chong, Member of the National Committee of the Chinese People's Political Consultative Conference

• Professor Jack Poon Sik-ching, Professor of Hongkong Polytechnic University

• Mr Alessio Quaglini (new appointed member), Co-Founder & CEO of Hex Trust

• Ms Elizabeth Quat, Vice-chairpersons of Democratic Alliance for the Betterment and Progress of Hong Kong

• Mr Siu Yat, Co-Founder of Animoca Brands (ASX: AB1)

• Mr Neil Tan, Managing Partner of Tsunami Advisors Limited

• Mr John Wang Jiachao, Executive Director of Standard Chartered Bank

• Dr Xiao Feng, Founder of Wanxiang Blockchain Labs

The Hong Kong Government’s Task Force on Promoting Web3 Development, with its newly appointed and reappointed non-official members effective July 1, comprises 20 leaders whose expertise spans blockchain, finance, technology, and policy, advancing Hong Kong’s ambition to become a global digital asset hub. Alex Au Wai-chi drives community education and blockchain advocacy, while Cai Wensheng fosters Web3 applications and live startups via providing generous angel investments and workspaces. Norman Chan Tak-lam and John Wang Jiachao provide financial and banking insights for sustainable growth. Duncan Chiu and Johnny Ng Kit-chong advocate for pro-Web3 policies, while Jack Kong Jianping and Yat Siu push blockchain solutions in AI and gaming. New members Alessio Quaglini and Henry Ma Chi-to enhance digital asset custody and fintech innovation. Dr Xiao Feng, with more than 25 years of experience in assets management and securities, has witnessed the growth of industry since the founding of Ethereum. Supported by official members, including the Financial Secretary and regulators like the Hong Kong Monetary Authority, this Task Force is poised to implement the Policy Statement 2.0 on Digital Assets, delivering recommendations to solidify Hong Kong’s position as a leading Web3 ecosystem.

Official members include:

• Secretary for Financial Services and the Treasury

• Permanent Secretary for Financial Services and the Treasury (Financial Services)

• Permanent Secretary for Innovation, Technology and Industry

• Under Secretary for Financial Services and the Treasury

• Commissioner for Digital Policy

• Director-General of Investment Promotion, Invest Hong Kong

• Chief Executive Officer, Hong Kong Cyberport Management Company Limited

• Chief Executive, Hong Kong Monetary Authority

• Chief Executive Officer, Securities and Futures Commission

• Chief Executive Officer, Insurance Authority

• Chief Executive Officer, Hong Kong Exchanges and Clearing Limited

The Financial Secretary announced in the 2023-24 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong. The Task Force was established in July 1, 2023, chaired by Financial Secretary Paul Chan, in addition to non-official members from the relevant market sectors, the Task Force also comprises relevant key government officials and representatives from financial regulators.

A government spokesman stated on the same day that, "Since its establishment in 2023, the Task Force has been rendering valuable advice that is both innovative and practical in respect of the potential and direction of Web3 development in Hong Kong. The newly appointed and reappointed members are all leaders and professionals in the relevant sectors. As the Government recently promulgated the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, their expertise and experience will contribute to promoting the continued and prosperous development of the digital asset ecosystem in Hong Kong, with a view to establishing Hong Kong as a leading global hub for digital assets."