Hong Kong’s OSL Group takes a strategic step into Japan’s growing crypto market with CoinBest acquisition.
OSL Enters Japan’s Crypto Market
Hong Kong-based OSL Group, a regulated crypto operator, is expanding into Japan by acquiring CoinBest, a Japan-licensed crypto exchange. OSL now holds an 81.38% stake in CoinBest, a significant entry into one of Asia’s leading crypto markets.
Strategic Move for Asia-Pacific Growth
In a press release on Nov. 4, the group highlighted the acquisition as a “strategic step” in its Asia-Pacific expansion. This entry into Japan positions OSL to tap into a market with over 5 million active crypto accounts as of 2023.
Fostering Innovation and Global Liquidity
OSL aims to leverage CoinBest’s platform to enhance innovation and improve trading liquidity across its network. The group plans to drive product development and share best practices to benefit all member platforms.
Leadership’s Optimism About Japan’s Market Potential
Ivan Wong, OSL Group’s chief investment officer, sees this acquisition as a “pivotal milestone.” Wong expressed that the group anticipates gaining “valuable insights and cutting-edge technologies” from the Japanese market to enhance the global offerings and competitive edge.
Anticipated Legislative Changes Could Benefit OSL
The acquisition aligns with Japan’s evolving regulatory landscape. A coalition of Japanese financial institutions has recommended focusing on major tokens, like Bitcoin and Ethereum, for potential crypto ETFs. They have also urged for tax reforms to encourage further growth in the industry.
Expanding OSL’s Market Influence
This acquisition not only strengthens OSL’s presence in Japan but also underscores its commitment to establishing a stronghold across Asia. By integrating CoinBest, OSL is positioned to build upon Japan’s robust crypto ecosystem.
Looking Forward in the Asia-Pacific
As OSL Group continues its expansion, it is expected to bring new resources and insights from Japan, fortifying its influence in the crypto markets of the Asia-Pacific.
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