Ant Group, associated with Alibaba, is moving forward with its plans in the blockchain and cryptocurrency realm despite increasing regulations from Beijing. The company has applied to trademark ‘Antcoin’ in Hong Kong, indicating its commitment to fintech. Reports suggest that this trademark registration, filed on June 18, includes categories for digital currencies and blockchain services.

This development comes as the People’s Bank of China and law enforcement agencies vow to intensify their crackdown on cryptocurrencies, particularly focusing on creation and speculation surrounding these assets. A related news outlet reported that the Chinese government is engaged in efforts to curb crypto activities, as concerns grow over the manipulation of digital assets.

In light of these pressures, Ant Group previously sought to apply for stablecoin licenses in Hong Kong and Singapore but has faced obstacles along the way. The interest from their side reflects a broader push from various companies to tap into Hong Kong’s evolving crypto market.

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Image: ANTCOIN trademark filing.