Briefly
- Ant Group has filed to register the “ANTCOIN” trademark in Hong Kong, overlaying digital wallets, on-line funds, and stablecoin providers.
- The submitting follows the group’s current crypto and blockchain initiatives, together with USDC cost pilots and power asset tokenization.
- Observers say the transfer is being performed to “defend” the group’s curiosity and handle danger because it appears to be like to safe a presence in Hong Kong.
Ant Group, China’s largest web finance firm, is reportedly laying the groundwork for a return to digital property.
The tech big has utilized in Hong Kong to register a sequence of emblems associated to digital property, stablecoins, and blockchain applied sciences, together with one for “ANTCOIN,” in keeping with a Monday report from Hong Kong Financial Instances, citing public filings.
In a single utility filed with Hong Kong’s Mental Property Division in June, discovered and seen by Decrypt, a broad scope of monetary and digital-asset providers beneath the proposed ANTCOIN mark is listed.
The submitting consists of registrations for offering on-line funds, digital wallets, international change, and the issuance and switch of stablecoins and digital tokens. It stays pending earlier than the registry.
Decrypt reached out to Ant Group to verify the standing and scope of its Hong Kong trademark purposes however didn’t instantly obtain a response.
The group’s choice to file for emblems reminiscent of ANTCOIN seems as a “strategic transfer to guard their pursuits” in Hong Kong’s burgeoning digital asset sector, Joshua Chu, lawyer, lecturer, and co-chair of the Hong Kong Web3 Affiliation, instructed Decrypt.
“Though current regulatory developments from Beijing have put their stablecoin ambitions on ice, retaining IP rights ensures Ant can defend its model,” Chu stated.
Earlier this month, Beijing reportedly ordered main tech companies, together with Ant Group, to droop their stablecoin-related initiatives in Hong Kong.
Ant Group’s subsequent transfer would depend upon the way it goes about with “checking out points” which have “prompted their ambitions to be iced within the first place,” Chu stated.
Chu warned that there have been instances “the place unauthorized or fraudulent tokens masquerade as USDT” with out truly being issued by Tether. Different scammers, as an example, “have created tokens on varied blockchains that use related names, symbols, or contract addresses” to seem reliable.
There are additionally “high-fidelity copycat contracts” that may deceive customers into believing they maintain real stablecoins, he added. Such operations are among the many dangers that stablecoin gamers like Ant Group who could also be seeking to open enterprise in Hong Kong would face.
“Trademark safety is a prudent and important a part of danger administration,” he added.
Ant Group and crypto
Co-founded by Chinese language serial entrepreneur Jack Ma, Ant Group has been steadily adopting blockchain and digital asset infrastructure as a part of its broader shift to monetary tech.
In July, Ant Group labored with Circle, a public U.S. firm, to pilot USDC-based cross-border funds between Ant Worldwide’s Alipay+ community and choose international retailers, in one of many first integrations of a regulated stablecoin into its cost rails.
A month later, the group dismissed rumors that it was working with China’s central financial institution on a uncommon earth-backed RMB stablecoin.
In September, its Ant Digital Applied sciences unit unveiled a blockchain platform to tokenize power property in China, linking roughly $8 billion value of infrastructure to on-chain programs.
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