Ensuring the Legitimate Development of Web3.0 in China

On June 6, 2025, at the invitation ofMr. Chan Yung, NPC Deputy from the Hong Kong Special Administrative Region and Member of the Legislative Council of Hong Kong, theHong Kong Anti-Money Laundering Alliance(Hong Kong Anti-Money Laundering Alliance, hereinafter referred to as "HKAML") and its member entities visited the Legislative Council of Hong Kong to conduct specialized exchanges on the amendment of the Stablecoin Bill and the construction of anti-money laundering systems in the Web3 era.Mankun Law Firm, as a member entity of the Alliance, was invited to participate in the visit and discussions.

The meeting was chaired by Mr. Chan Yung. The Hon. Paul Chan Chun-ying, NPC Deputy from the Hong Kong Special Administrative Region and Chairman of the Finance Committee of the Legislative Council of Hong Kong, attended the exchange. The Alliance demonstrated its unique advantages in promoting Hong Kong's integration with international standards and driving compliant innovation, laying a solid foundation for building multi-party collaborative relationships with legislative, law enforcement, and regulatory bodies in the future.

Mr. Tang Chun-lung, NPC Deputy for the 12th and 13th National People's Congress, also attended the meeting and delivered remarks. He affirmed Hong Kong's strategic position in promoting international financial compliance and the construction of anti-money laundering systems, expressing expectations for the Alliance to play a bridging and innovative leading role in the future.

During the meeting, representatives of the Alliance members engaged in in-depth discussions on key issues such as stablecoins and anti-money laundering.Mr. Zhang Chuantao, Chairman of the Hong Kong Anti-Money Laundering Alliance, delivered remarks introducing the Alliance's latest progress and strategic direction in promoting cross-border compliance collaboration and supporting Hong Kong's financial security. He expressed gratitude to several Legislative Council members and various sectors for their concern and support for the Alliance's work.

As a member entity of the Alliance, Mankun Law Firm dispatched representatives to participate in this Legislative Council exchange, including Mr. Bai Zhen, Head of Mankun's Hong Kong Office; Mr. Shao Jiadian, Partner at Mankun's Shenzhen Office; and Mr. Wan Zhengyu, Senior Lawyer and Blockchain Technology Expert, among others. In his speech, Lawyer Wan Zhengyu stated:As a professional law firm specializing in Web3.0 legal services, Mankun has always closely monitored legislative developments in Hong Kong regarding stablecoin regulation and digital asset compliance.We firmly believe that Hong Kong possesses unique advantages in institutional innovation and international integration, and is becoming an important rule-maker in global digital finance.

This event also marked the first time that blockchain technology experts participated in legislative exchanges at the Legislative Council of Hong Kong in a professional capacity, highlighting the legislature's emphasis on the synergistic path between frontier technology and regulation, and providing a window for industry participation in the institutional framework.

This activity fully demonstrates the value of the Hong Kong Anti-Money Laundering Alliance as a non-governmental professional compliance platform. It will continue to contribute intellectual support and mechanism innovation to Hong Kong's stablecoin regulatory system, particularly showcasing unique advantages in promoting the "Mainland-Hong Kong Compliance Linkage Mechanism" and formulating "Standardized Industry Disposal Plans."

In the future, Mankun Law Firm will continue to uphold the mission of"Ensuring the Legitimate Development of Web3.0 in China", deepen exchanges and cooperation with the Alliance and various sectors, actively participate in compliance training, the formulation of industry standards, and the construction of cross-border collaboration mechanisms, contributing composite professional strength of "law + technology" to the healthy development of the digital economy.

 

About the Anti-Money Laundering Alliance:

The Hong Kong Anti-Money Laundering Alliance (HKAML) is positioned as a non-profit international compliance cooperation platform, dedicated to building an innovative compliance ecosystem integrating "technical standards + data collaboration + capacity building," fully supporting Hong Kong in consolidating its core position as an international financial security hub.

[Work Directions of the Anti-Money Laundering Alliance]

1. Promoting Legislative Synergy: Deeply participating in the improvement and coordination of laws and regulations related to stablecoins and anti-money laundering in Hong Kong.

2. Deepening Data and Technical Cooperation: Focusing on innovations in KYC and compliance data services.

3. Establishing Industry Benchmarks: Advancing pilot projects for compliance innovation, establishing and promoting best practice cases in the industry.

4. Empowering Industry and International Exchange: Organizing professional compliance training and building high-end platforms for international policy discussions.