As a seasoned analyst with years of experience navigating the dynamic world of crypto and fintech, I find this move by OSL Group highly strategic and promising. With the rapid growth and increasing adoption of cryptocurrencies in Japan, it’s clear that OSL sees a valuable opportunity to expand its footprint and capitalize on the region’s burgeoning market.
The OSL Group has secured a deal to obtain more than 80% ownership of the FSA-approved cryptocurrency exchange CoinBest in Japan, signaling their entrance into the Japanese digital currency market.
The OSL Group, a licensed cryptocurrency operator based in Hong Kong, has revealed its intention to purchase approximately 81.38% of CoinBest, a cryptocurrency exchange licensed in Japan by the Financial Services Agency.
In a statement on November 4th, OSL announced that their acquisition, facilitated by their Japanese subsidiary, represents a strategic move to enter the thriving Japanese market, which currently has more than 5 million active cryptocurrency accounts and is experiencing significant growth in crypto adoption.
By purchasing CoinBest, OSL Group intends to develop business harmonies. This will be achieved by encouraging innovative ideas in products and services, pooling resources and know-how, and improving the overall liquidity of trades on all connected platforms worldwide.
OSL Group
OSL seeks ‘valuable insights’ from Japanese market
The action is a component of OSL’s worldwide growth plan aimed at expanding its presence in the Asia-Pacific region. Ivan Wong, chief investment officer of OSL Group, referred to the acquisition as a “significant turning point” for the organization. While the financial specifics of the deal were not disclosed, Wong expressed enthusiasm about obtaining “essential knowledge and advanced technologies from those markets to improve our services and boost our overall competitive advantage.
The purchase takes place at a time when potential legislative adjustments in Japan are expected, which might redefine the crypto market in the region. Previously reported by crypto.news, a coalition of Japanese financial entities has advocated for the Japanese government to concentrate on significant digital assets like Bitcoin (BTC) and Ethereum (ETH) during discussions about introducing exchange-traded funds (ETFs) for cryptocurrencies. Furthermore, they have also suggested reevaluating Japan’s tax structure, with a specific emphasis on implementing a distinct tax on earned income related to cryptocurrencies.
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2024-11-04 16:44