OSL Group Announces Acquisition of Regulated Crypto Asset Exchange CoinBest in Japan

November 04, 2024 11:51 PM AEDT | By Cision

OSL Group Announces Acquisition of Regulated Crypto Asset Exchange CoinBest in Japan — Image source: Kalkine Media

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HONG KONG, Nov. 4, 2024 /PRNewswire/ -- OSL Group Limited (863.HK), a Hong Kong publicly listed company fully dedicated to digital assets (together with its subsidiaries, "OSL Group"), today announced the signing of a share purchase agreement by its wholly-owned subsidiary to acquire an 81.38% stake in CoinBest K.K. ("CoinBest"), a crypto asset exchange service provider licensed by the Financial Services Agency (FSA) in Japan. This landmark move represents a strategic step for the OSL Group to enter the Japanese market, marking a significant milestone in its globalisation roadmap.

Japan - a key market with 5.16 million active digital asset accounts in 2023^{^[1]}, tripling from 2018

Among the major markets that recognise and regulate digital assets, Japan has become one of the most regulatory-matured and significant markets in the APAC region distinguished by its rapidly growing adoption rate and investment in digital assets. Through the acquisition of CoinBest, OSL Group aims to create business synergies by fostering product and service innovation, sharing resources and best practices, as well as enhancing global trading liquidity across its member platforms, including OSL Digital Securities, a leading regulated digital asset platform in Hong Kong.

OSL x CoinBest - a shared vision for a regulated digital finance synergy

Ivan Wong, Chief Investment Officer of OSL Group, said: "Acquiring CoinBest is a pivotal milestone for OSL. This move signifies our entry into the Japanese market, heralding a new era of global growth. Leveraging the robust foundation we've built in Hong Kong, we aim to bring our expertise in OTC, custody and trading services to new markets. Additionally, we look forward to gaining valuable insights and cutting-edge technologies from those markets to enhance our offerings and strengthen our competitive edge across the board."

Raku Tosei, CEO of CoinBest, stated: "We are thrilled to welcome OSL as our progressive partner to strengthen our service capabilities in the regulated digital asset market. This collaboration is a testament to our commitment to innovation and development in the digital asset space. It underscores our strategy to continue to expand and offer top-tier digital asset products and services to our investors."

The acquisition will be conducted through OSL Investment (Japan) Limited, a wholly-owned subsidiary of the OSL Group Limited.

^{^[1]} Source from Statista - https://www.statista.com/statistics/1301131/japan-number-active-crypto-asset-accounts/

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