Ant Group, the Chinese fintech giant behind Alipay, has filed a comprehensive trademark application for "ANTCOIN" in Hong Kong, signaling continued interest in blockchain-based digital assets despite recent regulatory setbacks from Beijing that halted its stablecoin ambitions.
The trademark application, filed in June with Hong Kong's Intellectual Property Department, covers an expansive range of financial services including digital currency issuance, blockchain-based transaction systems, stablecoin infrastructure, virtual asset custody, and digital payment platforms.
The filing emerged publicly just days before Ant Group Chairman Eric Jing is scheduled to speak at Hong Kong FinTech Week, running November 3-7, alongside Hong Kong's Secretary for Financial Services Christopher Hui.
The strategic move comes at a pivotal moment for Hong Kong's digital asset ecosystem. The city's stablecoin licensing regime, which took effect August 1, 2025, represents one of the world's most comprehensive regulatory frameworks for fiat-referenced stablecoins. Under the new rules, any entity issuing stablecoins in Hong Kong or issuing Hong Kong dollar-pegged stablecoins outside the territory must obtain a license from the Hong Kong Monetary Authority.
Strategic IP Protection Amid Regulatory Uncertainty
While Ant Group has not formally announced plans to launch a token or coin, the trademark filing suggests the company is laying legal groundwork for potential future blockchain services. Joshua Chu, lawyer and co-chair of the Hong Kong Web3 Association, described the move as a "strategic step to protect their interests" in Hong Kong's burgeoning virtual asset sector.
"Although recent regulatory developments from Beijing have put their stablecoin ambitions on ice, retaining IP rights ensures Ant can defend its brand," Chu told Decrypt. He warned that fraudulent tokens often use similar names and symbols to deceive users, making trademark protection a critical part of risk management.
The trademark's broad scope encompasses traditional banking operations alongside cutting-edge blockchain capabilities, including foreign exchange services, electronic wallets, loyalty rewards programs, and the transfer of digital tokens. This positioning appears designed to bridge Ant's existing Alipay payment ecosystem with Hong Kong's regulated Web3 infrastructure.
Beijing's Intervention Creates Complex Landscape
The ANTCOIN filing takes on added significance following Beijing's October intervention that effectively froze Ant Group's stablecoin plans. The People's Bank of China and the Cyberspace Administration of China reportedly instructed Ant Group and fellow tech giant JD.com to suspend their Hong Kong stablecoin projects, according to the Financial Times.
Chinese regulators expressed concerns about private entities issuing digital currencies, citing potential threats to monetary sovereignty and competition with the state-backed digital yuan. Former central bank governor Zhou Xiaochuan warned at a closed-door forum that stablecoins could become vehicles for speculation or fraud while questioning their value for retail payments.
The regulatory pushback underscores Beijing's cautious approach to digital assets despite Hong Kong's more open framework. Mainland China maintains a sweeping ban on cryptocurrency trading, while Hong Kong has positioned itself as a global digital asset hub through progressive licensing regimes.
Hong Kong's Selective Licensing Approach
Hong Kong's stablecoin framework demands rigorous compliance from prospective issuers. Licensed entities must maintain HK$25 million in paid-up capital, hold reserve assets equal to 100% of outstanding stablecoins, and implement comprehensive anti-money laundering measures. The regulations also grant stablecoin holders absolute redemption rights at par value within one business day.
HKMA Chief Executive Eddie Yue has indicated that only a handful of licenses will be granted initially, with the first batch expected in early 2026. Interested parties were encouraged to submit applications by September 30, 2025, to be considered in the initial wave. The authority has warned that many of the approximately 50 applications received lack concrete implementation plans.
Violations carry severe penalties. Operating without a license can result in fines up to HK$5 million and imprisonment for up to seven years, plus daily fines of HK$100,000 for continuing offenses.
Mainland Giants Position for Digital Asset Future
Ant Group isn't alone among Chinese conglomerates preparing for Hong Kong's stablecoin market. E-commerce giant JD.com has registered trademarks for "Jcoin" and "Joycoin" through its fintech arm JD Coinlink Technology. The company announced ambitious plans to apply for stablecoin licenses globally, with founder Richard Liu stating the technology could reduce cross-border payment costs by 90% and settlement times to under 10 seconds.
Fosun International has also reportedly pursued a Hong Kong stablecoin license. According to multiple reports, Fosun founder Guo Guangchang met with Hong Kong Chief Executive John Lee and Financial Secretary Paul Chan in August to discuss the company's digital asset strategy. Fosun has previously registered trademarks for "Star Coin" and developed a real-world asset tokenization platform through its wealth management subsidiary.
The trend reflects growing interest among mainland-linked conglomerates in using Hong Kong's regulatory environment to enter digital asset infrastructure, despite the complex relationship with Beijing's authorities.
Ant's Expanding Blockchain Footprint
Beyond trademark filings, Ant Group has aggressively expanded its blockchain infrastructure globally. The company's Whale blockchain processed approximately one-third of the over $1 trillion in transactions handled by its global payments platform in 2024.
In July, Ant partnered with Circle Financial to integrate USDC stablecoin onto its blockchain platform, aiming to enhance cross-border payment efficiency for its merchant network. Ant Digital, the company's blockchain arm, has pioneered real-world asset tokenization in China's renewable energy sector, connecting over 60 billion yuan worth of energy-related assets to AntChain.
The company has successfully helped energy firms like Longshine Technology Group raise 100 million yuan by tokenizing electric vehicle charging stations, and facilitated 200 million yuan for GCL Energy Technology through photovoltaic asset tokenization. Executives are considering extending tokenized assets to offshore exchanges to enhance liquidity, pending regulatory approval.
Implications for Hong Kong's Web3 Ambitions
The ANTCOIN trademark filing underscores both the opportunities and challenges facing Hong Kong's efforts to establish itself as a global digital asset hub. While the city has created one of the world's most sophisticated regulatory frameworks for stablecoins, the October intervention from Beijing reveals the limitations of Hong Kong's regulatory autonomy when mainland interests are involved.
Industry observers note that Hong Kong's success in attracting major stablecoin issuers may depend on navigating the delicate balance between fostering innovation and maintaining Beijing's confidence. The selective licensing approach, combined with high capital requirements and stringent operational standards, appears designed to favor established financial institutions and technology companies with proven track records.
For Ant Group, the trademark filing represents a hedge against future regulatory shifts. By securing intellectual property rights now, the company maintains flexibility to pursue blockchain-based services if and when the regulatory environment becomes more favorable. The comprehensive scope of the ANTCOIN application suggests Ant is preparing for multiple scenarios, from payment-focused stablecoins to loyalty programs and digital asset custody services.
As Hong Kong's first stablecoin licenses approach approval in early 2026, the market will be watching closely to see whether major Chinese firms can successfully navigate the competing pressures from Hong Kong's progressive regulators and Beijing's conservative financial authorities. The ANTCOIN trademark may prove to be either a placeholder for future innovation or a reminder of opportunities constrained by geopolitical realities.