Hong Kong-based crypto platform OSL shares jump on Canadian acquisition
The Banxa deal announced late on Friday is the latest in a string of overseas asset purchases over the past year. OSL's finance chief said it would accelerate its global expansion plans to tap into growing interest in cryptocurrencies.
"We will continue global expansion through both acquisitions and license applications," Ivan Wong told Reuters on Monday.
Having a global footprint is crucial to OSL's ambition to be a bigger player in cross-border payments, and Wong said the company will seek to issue stablecoins - cryptocurrencies pegged to assets such as fiat currencies. Hong Kong is setting up a licensing framework for stablecoin issuers.
Stablecoins will potentially expedite cross-border payments and benefit a regional economy facing challenges from geopolitical tensions, Hong Kong financial secretary Paul Chan said in a blog post over the weekend.
"Stablecoins are getting more and more popular among institutions globally," said Wong, adding OSL was preparing for licence applications.
Hong Kong's stablecoin bill comes into effect on August 1. China's Ant Group (AGGG.PK), opens new tab and JD.com (9618.HK), opens new tab have said they plan to issue stablecoins in Hong Kong via offshore units.
In addition to Hong Kong, OSL also aims to issue stablecoins in other regions, Wong said.
Since transforming last year into a company fully dedicated to digital assets, OSL has secured an exchange licence in Australia and completed acquisitions in Japan and Europe.
The company will close an acquisition in Indonesia next month, and plans to apply for crypto-related licenses in three regions this year, he said.
OSL will also step up investment in the so-called Real-World-Assets business, converting traditional assets into digital tokens.
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