Ant Group, the monetary expertise large backed by Alibaba, has registered a trademark for “Antcoin” in Hong Kong, signaling a renewed push into blockchain-based finance at the same time as 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 area.” The outlet cites paperwork exhibiting that the corporate utilized in Hong Kong to register a collection of logos associated to digital belongings, 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 regulation enforcement companies, to crack down on cryptocurrency. Actions will probably be taken, notably concerning the creation and hypothesis on cryptocurrencies throughout the nation, the report stated.
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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 comparable licensing efforts in Singapore and Luxembourg.
The corporate was considered one of many to precise curiosity in taking part in Hong Kong’s crypto financial system, notably after the particular administrative area started accepting applications for stablecoin issuers in August.
In early September, a now-deleted report by a neighborhood information outlet recommended that mainland Chinese language corporations working in Hong Kong could also be compelled to withdraw from cryptocurrency-related activities.
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In early August, Chinese language authorities reportedly instructed native corporations to cease publishing research and holding seminars related to stablecoins. The officers cited issues that stablecoins may very well be exploited as a device for fraudulent actions.
The strain seems to have reached China’s largest tech corporations. This month, each Ant Group and JD.com reportedly suspended plans to concern Hong Kong–based mostly stablecoins after Beijing voiced issues over “privately managed” digital belongings.
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