Crypto Exchange OSL Group Raises $300M Ahead of Hong Kong's Stablecoin Regulation Plan

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Hong Kong-based cryptocurrency trade OSL Group has raised $300 million in an fairness sale.

OSL, which was the primary trade to win a license from the Hong Kong Monetary Authority (HKMA), stated it would use the brand new capital to develop new enterprise initiatives, reminiscent of constructing cost and stablecoin providers.

Hong Kong will begin permitting stablecoin issuance below a brand new regulatory regime taking impact at first of August. It is within the course of of unveiling a spread of insurance policies for the regulation of digital belongings, establishing a framework to oversee exchanges and custodians for the needs of threat administration and investor safety.

It additionally plans to enable skilled traders to commerce derivatives.

OSL additionally plans to make use of the capital to assist acquisition plans and bolster its stability sheet.

Read More: The Market Has Become 'Overly Excited' for Stablecoins, Hong Kong Financial Regulator Says

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