Ant Group, the monetary know-how large backed by Alibaba, has registered a trademark for “Antcoin” in Hong Kong, signaling a renewed push into blockchain-based finance whilst Chinese language regulators step up strain on crypto exercise.
In line with a Monday report by the Hong Kong Financial Occasions, Ant Group is “increasing into the fintech enviornment.” The outlet cites paperwork displaying that the corporate utilized in Hong Kong to register a sequence of emblems associated to digital property, stablecoins and blockchain.
Trademark filings present “Antcoin” was registered on June 18, itemizing digital forex and blockchain providers amongst its enterprise classes. Area dispute documents affirm the applicant is a subsidiary of Ant Group Co., establishing a direct hyperlink to the fintech powerhouse.
On Monday, native information outlet Sina additionally reported that the Individuals’s Financial institution of China will proceed, along with legislation enforcement companies, to crack down on cryptocurrency. Actions shall be taken, notably concerning the creation and hypothesis on cryptocurrencies throughout the nation, the report mentioned.
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Ant Group was reportedly planning to apply for stablecoin licenses in Hong Kong and Singapore in early June. On the time, the group was additionally anticipated to pursue related licensing efforts in Singapore and Luxembourg.
The corporate was one in all many to specific curiosity in taking part in Hong Kong’s crypto economic system, notably after the particular administrative area started accepting applications for stablecoin issuers in August.
In early September, a now-deleted report by an area information outlet prompt that mainland Chinese language firms working in Hong Kong could also be pressured to withdraw from cryptocurrency-related activities.
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In early August, Chinese language authorities reportedly instructed native firms to cease publishing research and holding seminars related to stablecoins. The officers cited issues that stablecoins could possibly be exploited as a device for fraudulent actions.
The strain seems to have reached China’s largest tech firms. This month, each Ant Group and JD.com reportedly suspended plans to subject Hong Kong–primarily based stablecoins after Beijing voiced issues over “privately managed” digital property.
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