Hong Kong’s OSL Group has entered the Japanese cryptocurrency market by buying an 81.38 percent stake in CoinBest, a crypto exchange licensed by Japan’s Financial Services Agency (FSA).
OSL Group confirmed that the acquisition will occur through its Japanese subsidiary. This comes amid rising crypto demand in Japan, which will have 22 million active crypto accounts in 2023.
“The acquisition is a ‘pivotal milestone’ for OSL Group,” said chief investment officer Ivan Wong. The financial details of the transaction were not disclosed, but Wong echoed that his company would provide ‘valuable insights and cutting-edge technologies’ to the Japanese market. He stressed that this acquisition will boost the company`s offerings and cement its competitiveness in a fast-evolving cryptocurrency sector.
The acquisition is consistent with OSL’s strategy to become more of a regional presence in Asia Pacific. The move comes just as Japan was poised to face legislative changes that would have a wide-reaching effect on crypto.
More recently, a group of Japanese financial institutions called on their government to prioritize large cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) when debating cryptocurrency exchange-traded funds (ETF). They also called for a review of Japan’s taxation by suggesting a separate tax for incomes derived through cryptocurrencies.
The acquisition of CoinBest will further bolster OSL Group’s position as Japan’s entry into the crypto market begins to boom.
