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 accordance 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 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 paperwork 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 Folks’s Financial institution of China will proceed, along with regulation enforcement businesses, to crack down on cryptocurrency. Actions will probably be taken, significantly 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 one in all many to specific curiosity in taking part in Hong Kong’s crypto financial system, significantly after the particular administrative area started accepting purposes for stablecoin issuers in August.
In early September, a now-deleted report by an area information outlet recommended that mainland Chinese language firms working in Hong Kong could also be compelled to withdraw from cryptocurrency-related actions.
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In early August, Chinese language authorities reportedly instructed native firms to stop publishing analysis and holding seminars associated 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 firms. This month, each Ant Group and JD.com reportedly suspended plans to difficulty Hong Kong–primarily based stablecoins after Beijing voiced issues over “privately managed” digital belongings.
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