Crypto Exchange OSL Group Raises $300M Ahead of Hong Kong’s Stablecoin Regulation Plan
Hong Kong-based cryptocurrency exchange OSL Group has raised $300 million in an equity sale.
OSL, which was the first exchange to win a license from the Hong Kong Monetary Authority (HKMA), said it will use the new capital to develop new business initiatives, such as building payment and stablecoin services.
Hong Kong will start allowing stablecoin issuance under a new regulatory regime taking effect at the start of August. It is in the process of unveiling a range of policies for the regulation of digital assets, establishing a framework to oversee exchanges and custodians for the purposes of risk management and investor protection.
It also plans to allow professional investors to trade derivatives.
OSL also plans to use the capital to support acquisition plans and bolster its balance sheet.
Read More: The Market Has Become ‘Overly Excited’ for Stablecoins, Hong Kong Financial Regulator Says
US Judge Throws out Lawsuit Against Binance and CZ Over Claims of Funding Linked to Violent Attacks
A federal judge dismissed claims tying Binance and its founder Changpeng Zhao (CZ) to terrorist attacks, delivering a...
Coinbase Opens 84 Countries to ‘Everything Exchange’ Ecosystem Through Integrated Decentralized Trading
Coinbase is accelerating its global crypto push, expanding its Everything Exchange vision as decentralized trading inside the Coinbase...
Ripple’s Global Payments Expansion Strengthens XRP’s Institutional Role
Ripple’s global payments network is rapidly expanding as financial institutions increasingly seek full-service blockchain infrastructure partners, positioning Ripple’s...