Ant Group, the Alibaba-backed financial technology giant, has registered a trademark for “Antcoin” in Hong Kong, signaling renewed forays into blockchain-based finance even as Chinese regulators step up pressure on cryptoactivity.
According to Monday report according to the Hong Kong Economic Times, Ant Group is “expanding into the fintech arena.” The outlet cites documents showing that the company has applied in Hong Kong to register a number of trademarks related to virtual assets, stablecoins and blockchain.
Trademark sawdust show “Antcoin” was registered on June 18, listing digital currency and blockchain services among its business categories. Domain dispute documents confirm that the applicant is a subsidiary of Ant Group Co., establishing a direct connection with the fintech center.
On Monday, the local newspaper Sina also reported that the People’s Bank of China will continue, along with law enforcement agencies, to crack down on cryptocurrency. Actions will be taken, particularly on the creation and speculation of cryptocurrencies within the nation, the report said.
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China is pressuring companies to abandon crypto ambitions
Ant Group reportedly planned 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, especially 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 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 ordered local companies to stop publishing research and holding seminars related to stablecoins. Officials have cited concerns that stablecoins could be used as a tool for fraudulent activity.
The pressure seems to have reached China’s biggest tech companies. This month, both Ant Group and JD.com reportedly suspended plans to issue Hong Kong-based stablecoins after Beijing raised concerns about “privately controlled” digital assets.
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