Ant Group, the Alibaba-backed fintech giant, has registered a trademark for “Antcoin” in Hong Kong, signaling a renewed interest in blockchain-based finance despite Beijing’s tightening grip on cryptocurrency activities.
According to the Hong Kong Economic Times, Ant Group applied to register multiple trademarks tied to digital currency, blockchain services, and virtual assets through a Cayman Islands–based subsidiary. The filing, dated June 18, establishes a direct connection to Ant Group Co., with “Antcoin” listed under digital currency and blockchain business categories.
At the same time, Chinese regulators are reinforcing their stance against crypto activity. Local outlet Sina reported that the People’s Bank of China (PBoC), in collaboration with law enforcement, will continue to clamp down on the creation, trading, and speculation of cryptocurrencies across the mainland.
China pressures companies to withdraw from crypto activity
Ant Group’s move comes after reports earlier this year that the firm intended to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg. The company was among several major mainland Chinese firms exploring Hong Kong’s expanding crypto licensing regime following the region’s introduction of stablecoin application guidelines in August.
However, that optimism has since faded. In early September, a local outlet reported later deleting the article that mainland Chinese firms operating in Hong Kong may be forced to exit the crypto market under new government pressure. By August, Chinese officials had already instructed domestic companies to stop publishing stablecoin research or hosting related events, citing potential risks of misuse.
Beijing’s campaign appears to have reached China’s largest tech players. Both Ant Group and JD.com have reportedly paused their plans to issue Hong Kong–based stablecoins following warnings over “privately controlled” digital assets.