Ant Group signs up the "AntCoin" trademark, actively布局 Web3!

In today's rapidly changing global digital asset landscape, every move made by traditional finance and big tech sends ripples through the market. The cryptocurrency market is no longer the exclusive domain of startup teams; a “power game” involving billions of dollars in capital is underway, with mergers and strategic layouts by mainstream institutions becoming the new norm. Against this backdrop, Chinese fintech giant—Ant Group's recent registration of the “AntCoin” trademark in Hong Kong is not only seen as a declaration of its ambitions in the Web3 space but also sparks infinite speculation in the market about whether it plans to issue its own crypto assets.

a trademark

According to publicly available information from the Hong Kong Intellectual Property Department, Ant Group, a subsidiary of Alibaba Group, applied for a series of trademarks related to “AntCoin” in Hong Kong this June. Although registering a trademark does not equate to the imminent issuance of tokens, which is merely a protective registration from a legal standpoint, the detailed description of the business scope in the application documents clearly outlines a grand blueprint for digital finance.

The specifications of this “AntCoin” trademark application cover almost all aspects of contemporary financial services. It not only includes traditional banking, lending services, and foreign exchange trading, but also extends deeply into cutting-edge applications of blockchain technology, such as blockchain-based settlement systems, issuance and management of stablecoins, custody services for digital assets, and even includes customer loyalty points feedback mechanisms.

The outside world generally interprets that Ant Group's strategic intention is extremely clear: it aims to build a solid and wide bridge between its vast Alipay ecosystem and the increasingly mature and regulated Web3 economy in Hong Kong. This means that in the future, hundreds of millions of Alipay users worldwide may seamlessly enter the world of digital assets through “AntCoin”, which will undoubtedly completely change the existing landscape of the Crypto Assets market.

The reason this news has quickly gained traction in the crypto assets community is due to the crucial timing of its exposure. Just a few days later, the highly anticipated annual event “Hong Kong FinTech Week” will kick off. At that time, Ant Group Chairman Eric Jing will engage in dialogue with heavyweight figures such as Christopher Hui, the Secretary for Financial Services and the Treasury of Hong Kong, and Fred Hu, the founder of Primavera Capital.

It is worth noting that this year's Hong Kong FinTech Week, which in previous years mainly focused on TradFi topics, unexpectedly included a large number of themes related to Crypto Assets and Web3. This shift, combined with the presence of senior executives from Ant Group and the exposure of the “AntCoin” trademark, has peaked market speculation. All of this seems less like a coincidence and more like a carefully planned strategic signal release, indicating that Ant Group is preparing to make significant moves in Hong Kong, an international financial center with an increasingly open attitude towards Crypto Assets.

In fact, Ant Group has long been paying attention to Hong Kong's digital asset policies. Prior to this trademark application, Ant Group had publicly stated that it was actively researching Hong Kong's stablecoin issuance licensing system, which officially came into effect this August. This series of developments points to one conclusion: Ant Group is conducting comprehensive and in-depth legal and compliance preparations for its potential Crypto Assets business.

Behind the Ambition

However, Ant Group's path to Web3 is not without obstacles. Despite its ambitious goals, there still exists significant uncertainty from regulatory policies in mainland China.

According to informed sources, Ant Group and another Chinese e-commerce giant, JD.com, were initially very interested in issuing a stablecoin pegged to the offshore renminbi in Hong Kong. They even actively lobbyed the People's Bank of China (PBoC) in closed-door meetings, hoping to gain official authorization and support.

However, this plan was ultimately met with explicit intervention from the Chinese government. It is reported that regulators have requested several Chinese big tech companies intending to issue stablecoins in Hong Kong to suspend their related plans. The core concern behind this is that officials from the People's Bank of China have always maintained a high level of vigilance and doubt regarding “any form of currency issuance by private enterprises.”

Regulators are concerned that once private enterprises are allowed to issue widely circulated stablecoins, it could pose a direct challenge to the government-led “Digital Renminbi (e-CNY)”. Especially as the current promotion of the digital renminbi faces bottlenecks and limited user adoption, a privately issued stablecoin from a giant like Ant Group, which has a large user base, could very likely become a highly threatening potential competitor, thereby impacting the country's monetary sovereignty and financial stability.

Conclusion: A game of chess

Overall, Ant Group's registration of the “AntCoin” trademark in Hong Kong is a well-considered strategic move. It clearly indicates that despite facing regulatory pressure from the mainland, Ant Group has not given up its exploration in the Web3 and Crypto Assets sectors. On the contrary, it has chosen Hong Kong as its potential testing ground and breakthrough point.

This move can be seen as a “two-pronged approach.” On one hand, it paves the way for future blockchain financial services that may be launched within a compliant framework, seizing the high ground in branding and legal aspects. On the other hand, it also sends a signal to the market and regulatory bodies, showcasing its technological prowess and determination to integrate into the global digital economy.

Whether “AntCoin” will ultimately be launched as a stablecoin, platform coin, or points system, and when it will be launched, remains full of variables, depending on the final details of Hong Kong's regulatory policies and broader policy trends. However, it is certain that Ant Group has pressed the launch button for its Web3 layout. The transition of Ant Group from a traditional payment giant to a potential builder in Web3 is not only a key step in its own development but will also be a focal point worth long-term attention in the process of the entire Crypto Assets industry moving towards mainstream adoption.