The Hong Kong-based crypto operator OSL Group announced that it had acquired an 81.38% stake in CoinBest, a Japanese cryptocurrency exchange licensed by Japan’s Financial Services Agency (FSA). The deal marks OSL’s first major foray into the Japanese market and its wider expansion across the Asia-Pacific region.
OSL called its entry into Japan a “strategic step.” The company emphasized that the crypto market in Japan has significant growth potential. By the end of 2023, Japan had over 5 million active crypto accounts, demonstrating strong crypto adoption.
Ivan Wong, OSL’s chief investment officer, described the acquisition as a “pivotal milestone.” He said this move underscores OSL’s commitment to building a compliant, innovative digital asset platform. It is for this reason that Wong remains optimistic that insights to be acquired from the Japanese market will add value to what OSL has been offering. He reckons that this way, OSL will remain competitive in the regional markets.
The acquisition is the latest in Japan, that is thinking of refreshing its cryptocurrency regulations. Recently, big Japanese financial players urged the government to support the introduction of ETFs for major tokens like Bitcoin and Ethereum, and supported tax reforms concerning crypto gains.
With its entry into Japan, the firm stands proud to handle these regulatory developments. This move might also expand OSL’s influence within one of Asia’s most strictly regulated crypto markets.
