Ant International Seeks Stablecoin Licenses in Singapore and Hong Kong

• Ant International aims to obtain stablecoin licenses in Singapore and Hong Kong. 
• Jack Ma’s Ant Group is planning to expand its business operations with regulatory compliance. 

Ant International is actively seeking to get stablecoin issuer licenses in Singapore, Hong Kong, and Luxembourg. The news came to light after sources familiar with the matter revealed it to Bloomberg. As crypto regulations accelerate in global countries, institutions and firms are planning to expand their business operations by complying with regional laws. 

Ant International is a Singapore-based international payments firm whose digital asset services are not limited to Singapore. It offers payment services across Asia, Europe, the Middle East, and Latin America, and it is now planning to enter the crypto space through stablecoin issuance. 

Ant International to Obtain Stablecoin License 

Jack Ma-backed Ant International is focusing on getting a stablecoin license to foster its business operations. The firm withdrew its plans to launch an IPO after canceling its previous plans to launch an IPO in 2021. Its online lending operations fell under regulatory scrutiny in China previously. However, the firm is actively focusing on strengthening its position in the global payment market. 

Stablecoins are already playing an important role when it comes to enabling cross-border payments. They are also attracting institutional interest across the globe after the US started to regulate the stablecoin space. The market cap of stablecoins recently surpassed $250 billion, which will only increase further in the next few years. 

International payment giant PayPal launched its stablecoin PYUSD in 2023. On the other hand, traditional asset management firms BlackRock and Franklin Templeton have launched crypto ETF products. Following the broader trend of major companies, Ant International is carefully planning its entry into stablecoin issuance. 

Officials of the US government have expressed their belief in stablecoins and their potential multiple times before. Crypto Czar David Sacks even mentioned that dollar-backed stablecoins can increase dollar dominance across the globe. Multiple stablecoin bills are in motion in the US to form a clear regulatory framework for stablecoins. 

Ant International is planning to await the upcoming Stablecoin Ordinance in Hong Kong, which is expected to be released in August this year. After that, the firm will apply for a stablecoin license and ensure that its operations are in compliance with the country’s rules. 

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