Chinese e-commerce giant JD.com is making a significant move into the stablecoin market, launching its own fiat-backed cryptocurrencies. Ahead of Hong Kong’s upcoming stablecoin regulation, JD.com has registered trademarks for “JCOIN” and “JOYCOIN.”
JD.com Files for Multiple Trademarks
In a significant development, JD.com has hinted at the potential launch of its own stablecoins. The e-commerce giant has filed for trademarks on “JCOIN” and “JOYCOIN,” rumored to be the names of its forthcoming stablecoins.
Earlier this month, CoinGape reported that JD.com is launching a stable asset tied to the Hong Kong dollar. The stablecoin, named JD Stablecoin, is expected to be pegged 1:1 to the HKD and issued on a public blockchain. Chairman Richard Liu Qiangdong stated,
JD.com intends to secure stablecoin licenses across key currency markets globally…to reduce cross-border transaction costs by 90 per cent and improve the efficiency to within ten seconds…We hope that JD stablecoin will become a universal payment method worldwide.
The platform’s latest move aligns with its earlier announcement of the stablecoin launch. According to the registration documents, the trademarks—JCOIN and JOYCOIN—will cover services such as blockchain-based fund transfers and cryptocurrency transactions.
Hong Kong’s Stablecoin Regulation
Significantly, the trademark filings come as Hong Kong’s regulatory authorities move to formalize stablecoin governance, aiming to create a clearer framework for companies like JD.com to operate within. As CoinGape reported recently, Hong Kong’s Policy Statement 2.0 revealed that the Stablecoin Ordinance would be released on August 1.
Reportedly, about 50 companies have already applied for stablecoin licenses in Hong Kong. However, HKMA Chief Executive Eddie stated that only a limited number of licenses will be granted. He posited that many proposals lacked concrete details and feasible implementation plans. “They also fail to put together viable and concrete plans as well as implementation roadmaps, let alone demonstrate their awareness of risks and competence in managing them,” added Eddie.
Moreover, Hong Kong’s stablecoin regulation also makes it illegal to offer or promote unlicensed fiat-backed crypto. This development comes with the vision of mitigating speculative trading risks and ensuring digital assets comply with established financial rules. Under the new law, promoting or offering unlicensed stablecoins can result in fines of up to $6,300 and a six-month prison sentence.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
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