Hong Kong's OSL Group acquires Japanese crypto exchange CoinBest

crypto.news · 2024-11-04T05:31:03+00:00

Hong Kong-based OSL Group plans to acquire an 81.38% stake in Japan-based cryptocurrency exchange CoinBest as part of its expansion plans into the Asia-Pacific region, and particularly Japan's rapidly-growing market. The deal was made through OSL's Japanese subsidiary; no financial details have been revealed. OSL aims to create synergies with CoinBest by sharing innovation, resources, and best practices. It also seeks to gain cutting-edge technologies and insights to enhance its offerings.

crypto.news

2024-11-04 05:31:03

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OSL Group has signed an agreement to acquire over 80% of Japan’s FSA-licensed crypto exchange CoinBest, marking its entry into the Japanese crypto market.

Hong Kong‘s licensed crypto operator OSL Group has announced plans to acquire an 81.38% stake in CoinBest, a Japan-based crypto exchange licensed by the Financial Services Agency.

In a Nov. 4 press release, OSL said the acquisition, led through its Japanese subsidiary, marks the group’s “strategic step” into the Japanese market, which is seeing rapid growth in crypto adoption and boasts over 5 million active crypto accounts as of 2023.

“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 […].”

OSL Group

OSL seeks ‘valuable insights’ from Japanese market

The move is part of OSL’s global expansion strategy to increase its footprint across the Asia-Pacific region as Ivan Wong, chief investment officer of OSL Group, calls the acquisition a “pivotal milestone” for the group. Although the financial details of the deal were not revealed, Wong expressed optimism about gaining “valuable insights and cutting-edge technologies from those markets to enhance our offerings and strengthen our competitive edge across the board.”

The acquisition comes amid anticipated legislative changes in Japan that could shape the region’s crypto landscape. As crypto.news reported earlier, a group of Japanese financial institutions urged the Japanese government to focus on major tokens such as Bitcoin (BTC) and Ethereum (ETH) in talks of allowing exchange-traded funds for cryptocurrencies. Additionally, the group is also calling for a review of Japan’s taxation , specifically recommending a separate tax on income earned.

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