OSL Group makes strategic entry into Japan with CoinBest acquisition
OSL Group Limited announced that its Japanese subsidiary, OSL Investment (Japan) Limited, has signed a share purchase agreement to acquire an 81.38% stake in local crypto exchange CoinBest K.K., according to a Nov. 4 press statement.
This acquisition represents a significant move for OSL, marking its strategic entry into Japans rapidly expanding crypto market, which now has over 5 million active accounts as of 2023. CoinBest is one of Japans 29 regulated crypto trading platforms that are allowed to serve retail and institutional clients.
OSL aims to leverage its stake in CoinBest to create operational synergies that improve global trading liquidity across its member platforms and the broader network, which includes OSL Digital Securities. OSL Digital Securities is one of only three fully licensed crypto exchanges regulated by the Hong Kong Securities and Futures Commission (SFC).
Ivan Wong, OSL Groups Chief Investment Officer, highlighted the acquisition as a critical milestone, allowing OSL to expand its regional reach and leverage Japans advanced market. Wong stated:
Leveraging the robust foundation weve 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.
Japans regulatory regime
Japan stands out for its stringent crypto regulations, which have played a critical role in protecting customers funds, as seen in the case of FTX Japan during its parent companys bankruptcy in 2022.
Under Japans regulatory framework, digital asset service providers must register with the Financial Services Agency (FSA) and adhere to stringent anti-money laundering (AML) and cybersecurity protocols. These regulations ensure that providers verify customer identities and report suspicious activities to maintain compliance and security within the market.
In addition to maintaining strict regulations, Japan is actively strengthening its digital asset sector, with numerous firms exploring the potential of blockchain technology and stablecoins.
The post OSL Group makes strategic entry into Japan with CoinBest acquisition appeared first on CryptoSlate.
Read more: https://cryptoslate.com/osl-group-makes-strategic-entry-into-japan-with-coinbest-acquisition/
Text source: CryptoSlate
