On June 6, 2025, at the invitation of Chen Yong, a member of the National People's Congress of Hong Kong and a member of the Legislative Council of Hong Kong, the Hong Kong Anti-Money Laundering Alliance (HKAML) and its members visited the Legislative Council of Hong Kong to discuss the revision of the (Stablecoin Act) and the construction of the anti-money laundering system in the Web3 era. Mankiw LLP was invited to visit and participate in the discussion as a member of the alliance.
The meeting was chaired by Chen Yong, and the Hong Kong National People's Congress Representative and Chairman of the Finance Committee of the Legislative Council of Hong Kong, Mr. Chan Chun-ying, attended the exchange meeting. The Alliance has demonstrated its unique advantages in promoting Hong Kong's integration with the international community and promoting compliance innovation, and has laid a solid foundation for building a multi-party collaborative relationship with legislation, law enforcement and regulatory agencies in the future.
Deng Zhenlong, deputy to the 12th and 13th National People's Congress, also attended the meeting and delivered a speech, affirming Hong Kong's strategic position in promoting the construction of international financial compliance and anti-money laundering systems, and expressed his expectations for the alliance to play a bridging and innovation-leading role in the future.
During the meeting, representatives of the alliance members conducted in-depth discussions on key topics such as stablecoins and anti-money laundering. Zhang Chuantao, Chairman of the Hong Kong Anti-Money Laundering Alliance, delivered a speech, introducing the alliance's latest progress and strategic direction in promoting cross-border compliance collaboration and supporting Hong Kong's financial security, and thanked several members of the Legislative Council and all sectors for their concern and support for the alliance's work.
As a member of the alliance, Mankiw LLP sent representatives to participate in the exchange of this legislative meeting, including Bai Qin, head of Mankiw's Hong Kong office, Shao Jiayi, partner of Mankiw Shenzhen Law Firm, and Wan Zhengyu, a senior lawyer and blockchain technology expert. In his speech, Wan Zhengyu said: As a professional law firm focusing on Web3.0 legal services, Mankiw has always paid close attention to the legislative progress of Hong Kong in stablecoin supervision and digital asset compliance. We firmly believe that Hong Kong has unique advantages in institutional innovation and international integration, and is also becoming an important maker of global digital financial rules.
This event was also the first time that blockchain technology experts entered the Hong Kong Legislative Council in a professional capacity to participate in legislative exchanges. It demonstrated the legislature’s emphasis on the collaborative path of cutting-edge technology and supervision, and also provided a window for the industry to participate in the system.
This event fully reflects the value of the Hong Kong Anti-Money Laundering Alliance as a private professional compliance platform, and will continue to contribute intellectual support and mechanism innovation to Hong Kong's stablecoin regulatory system, especially in promoting the "Mainland and Hong Kong compliance linkage mechanism" and formulating "industry disposal standardization plans". Demonstrating unique advantages.
In the future, Mankiw Law Firm will continue to uphold the mission of "ensuring the legal occurrence of Web3.0 in China", deepen exchanges and cooperation with the alliance and all sectors, actively participate in compliance training, industry standard setting, and cross-border collaboration mechanism construction, and contribute the compound professional strength of "law + technology" to the healthy development of the digital economy.
Anti-Money Laundering Alliance:
The Hong Kong Anti-Money Laundering Alliance (HKAML) is positioned as a non-profit international compliance cooperation platform, committed to building an innovative compliance ecosystem of "technical standards + data collaboration + capacity building", and fully supporting Hong Kong in consolidating its core position as an international financial security hub.
【Work Direction of Anti-Money Laundering Alliance】
1. Promote legislative coordination: Deeply participate in the improvement and coordination of Hong Kong's stablecoin and anti-money laundering related laws and regulations.
2. Deepen data and technology cooperation: Focus on innovation in KYC and compliance data services.
3. Create industry benchmarks: Promote compliance innovation pilot projects, establish and promote industry best practice cases.
4. Empower industry and international exchanges: Organize professional compliance training and build a high-end platform for international policy discussions.
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Author: Mankiw Brand Department
