Ant Group, the monetary expertise big 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 stress 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 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 verify 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 Folks’s Financial institution of China will proceed, along with legislation enforcement businesses, to crack down on cryptocurrency. Actions will likely be taken, significantly relating to 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 related licensing efforts in Singapore and Luxembourg.
The corporate was one among many to precise curiosity in taking part in Hong Kong’s crypto economic system, significantly 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 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 may very well be exploited as a software for fraudulent actions.
The stress seems to have reached China’s largest tech firms. This month, each Ant Group and JD.com reportedly suspended plans to problem Hong Kong–primarily based stablecoins after Beijing voiced issues over “privately managed” digital property.
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