Hong Kong-based OSL Group has completed its acquisition of Japanese crypto exchange CoinBest and today announced the official renaming of CoinBest to OSL Japan, as the company eyes global expansion.
OSL’s CEO told The Block in an interview that while Japan is a traditionally difficult market to break into, the acquisition of CoinBest has presented a great opportunity to enter the Japanese market. “We’ll rely on the local team to grow our presence in Japan,” said Kevin Cui, executive director and CEO of OSL Group.
Cui noted that OSL has put a major focus on global expansion since last year, as its homegrown Hong Kong market is relatively limited in terms of user base. “We’d favor expanding in a jurisdiction with a more mature regulatory framework,” Cui said. “Japan’s regulatory environment [for crypto] can be compared with Hong Kong’s.”
Global expansion will continue to be a recurring theme for OSL this year as it explores opportunities in markets with relatively refined crypto regulations.
“Lithuania, for example, is one of the places we’re looking at right now,” said Cui, adding that Lithuania would be a decent market for OSL to stay compliant with the European Union's Markets in Crypto-Assets (MiCA) regulation, which is now in effect.
OSL is one of the nine crypto exchanges that have gained formal crypto licenses in Hong Kong, in compliance with the 2023 crypto licensing regime that allowed exchanges to offer retail trading services.
In its early stages, OSL Japan is expected to focus on over-the-counter services and launch retail products tailored to the local market.
“As part of its development plan, OSL Japan will continue to deepen its market presence and expand its product suite, including the development of a robust trading platform, enhancement of custody solutions, and provision of advisory services tailored to both institutional and retail clients in Japan,” the company wrote in a statement shared with The Block.
The Hong Kong-listed firm expects its 2024 revenue to be in the range of HK$337 million ($43.2 million) to HK$375 million, which is a 60% to 79% year-on-year increase, according to its earnings forecast.
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