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OSL Group has reached an agreement to acquire an 81.38% majority stake in CoinBest, a Japan-based cryptocurrency exchange licensed by the Financial Services Agency (FSA), signaling its official entry into the Japanese crypto market.
In a press release on November 4, OSL, a licensed crypto operator based in Hong Kong, revealed that the acquisition, facilitated through its Japanese subsidiary, represents a key “strategic move” into the rapidly expanding Japanese market. With more than 5 million active crypto accounts as of 2023, Japan is becoming a major hub for cryptocurrency adoption.
“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, including OSL Digital Securities , a leading regulated digital asset platform in Hong Kong. ”
OSL Group
OSL Group aims to gain “valuable insights” from the Japanese market as part of its broader strategy to expand its presence across the Asia-Pacific region. Ivan Wong, the Chief Investment Officer of OSL Group, described the acquisition of an 81.38% stake in CoinBest as a “pivotal milestone” for the company. While the financial details of the deal have not been disclosed, Wong expressed confidence that the acquisition will provide OSL with access to “cutting-edge technologies and valuable insights from the Japanese market,” which will help enhance its offerings and bolster its competitive position globally.
This move comes at a time of significant potential regulatory shifts in Japan’s cryptocurrency sector. As previously reported by Crypto.News, a coalition of Japanese financial institutions has urged the government to prioritize major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in discussions surrounding the approval of cryptocurrency exchange-traded funds (ETFs). The group has also called for a revision of Japan’s taxation policies, particularly recommending the implementation of a separate tax for income generated from cryptocurrency activities. These legislative changes could have a profound impact on the country’s crypto landscape, presenting both opportunities and challenges for market participants like OSL.
