Ant Group, the financial technology giant backed by Alibaba, has registered a trademark for “Antcoin” in Hong Kong, signaling a renewed push into blockchain-based finance even as Chinese regulators step up pressure on crypto activity.
According to a Monday report by the Hong Kong Economic Times, Ant Group is “expanding into the fintech arena.” The outlet cites documents showing that the company applied in Hong Kong to register a series of trademarks related to virtual assets, stablecoins and blockchain.
Trademark filings show “Antcoin” was registered on June 18, listing digital currency and blockchain services among its business categories. Domain dispute documents confirm the applicant is a subsidiary of Ant Group Co., establishing a direct link to the fintech powerhouse.
On Monday, local news outlet Sina also reported that the People’s Bank of China will continue, together with law enforcement agencies, to crack down on cryptocurrency. Actions will be taken, particularly regarding the creation and speculation on cryptocurrencies within the nation, the report said.
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China pressures companies to abandon crypto ambitions
Ant Group was reportedly planning to apply for stablecoin licenses in Hong Kong and Singapore in early June. At the time, the organization was also expected to pursue similar licensing efforts in Singapore and Luxembourg.
The company was one of many to express interest in participating in Hong Kong’s crypto economy, particularly after the special administrative region began accepting applications for stablecoin issuers in August.
In early September, a now-deleted report by a local news outlet suggested that mainland Chinese companies operating in Hong Kong may be forced to withdraw from cryptocurrency-related activities.
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In early August, Chinese authorities reportedly instructed local companies to cease publishing research and holding seminars related to stablecoins. The officials cited concerns that stablecoins could be exploited as a tool for fraudulent activities.
The pressure appears to have reached China’s largest tech companies. This month, both Ant Group and JD.com reportedly suspended plans to issue Hong Kong–based stablecoins after Beijing voiced concerns over “privately controlled” digital assets.
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