As a seasoned analyst with over two decades of experience in the financial industry, I find the recent strategic moves by OSL Group and other digital asset players intriguing. Having navigated through various market cycles and regulatory landscapes, I’ve learned to appreciate the bold steps companies take to expand their footprint in new territories.
To boost its presence in Japan’s digital currency sector, OSL Group, a financial services firm based in Hong Kong and listed on their stock exchange, has declared that they will acquire a significant share of CoinBest, a well-known cryptocurrency trading platform regulated by Japan’s Financial Services Agency (FSA).
On November 4th, I learned that our group completed an acquisition through our fully-owned subsidiary, OSL Japan. We acquired 81.38% of CoinBest shares from four separate, independent entities. This move represents a daring stride into one of Asia’s most regulated and well-established crypto markets.
OSL Group to Complete the Deal Next Year
According to OSL, they aim to finalize the acquisition by the end of 2025, as long as the conditions specified in the agreement are met. The company stated that this action aligns with their broader growth strategy and underscores their dedication to establishing a stronger footing throughout the Asia-Pacific region.
2023 saw approximately 5.16 million active cryptocurrency traders in Japan, a country known for its rigorous regulatory framework and forward-thinking approach towards digital assets. The company views this deal as an excellent chance for our group to capitalize on our expertise in regulatory compliance, operational standards, and security measures to delve into the market.
As a crypto investor, I’m excited about the upcoming collaboration between OSL and CoinBest, as it promises to unlock synergies that will greatly benefit both parties. This strategic alliance will allow us to pool our resources, ultimately enhancing our operational efficiency.
Obtaining CoinBest is a significant step forward for OSL. This action marks our entry into the Japanese market, which signals a new phase of international expansion. Building upon the strong foundation we’ve established in Hong Kong, we aim to transfer our knowledge and skills in OTC, custody, and trading services to additional markets,” said Ivan Wong, a top executive at the OSL Group.
October Rained Business Acquisitions in the Crypto Market
The business currently maintains a strong foothold in countries such as Hong Kong and Singapore. Back in January, CEO Patrick Pan announced that the company’s strategic plan for 2024 includes venturing into additional markets, offering their digital assets. Although crypto trading is the primary concern, OSL intends to promote its other products globally, including its hot and cold wallets, to increase their reach and usage.
At that point, it was revealed that the wallets were insured comprehensively through Lloyds of London. Furthermore, he mentioned that the firm’s financial records undergo an annual review by PricewaterhouseCoopers.
Over the past week, there have been numerous acquisitions within the crypto market. On Friday, Crypto.com, one of the prominent digital asset trading platforms, disclosed its acquisition of Watchdog Capital – a U.S-based brokerage firm registered with the Securities and Exchange Commission (SEC).
Via this agreement, the exchange intends to delve into stock trading, aiming to challenge market leaders such as Charles Schwab, Fidelity Investments, and Interactive Brokers LLC. As per the statement, Crypto.com will provide these services exclusively for clients based in the United States.
During that very week, it was announced by Coinspeaker that the UK-based cryptocurrency exchange, Archax, had decided to acquire King & Shaxson Capital Markets (KSCM) for the purpose of expanding in Europe. In the month of October, several other entities, including the payment titan Stripe, Komainu – a custodian service for digital assets, and CoinDesk – a media outlet focusing on news about digital currencies, made strategic purchases to broaden their respective business ventures.
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2024-11-04 18:43