Cryptocurrency exchange OSL Group raises $300 million ── Ahead of the approval for Hong Kong's stablecoin issuance | CoinDesk JAPAN

• The Hong Kong-based cryptocurrency exchange OSL Group has raised $300 million through the sale of shares.
• OSL states that it will utilize the funds raised for new business development, such as building payment services and stablecoin services.
• In Hong Kong, the issuance of stablecoins will begin under a new regulatory framework that will come into effect in early August.

The Hong Kong-based cryptocurrency trading exchange OSL Group has raised $300 million (approximately 43.5 billion yen, based on an exchange rate of 1 dollar = 145 yen) through the sale of shares.

OSL, the first exchange to obtain a license from the Hong Kong Monetary Authority (HKMA), has stated that it will utilize the funds raised for new business development such as the establishment of payment services and stablecoin services.

Hong Kong plans to allow the issuance of stablecoins under a new regulatory regime that will take effect in early August. Currently, it has announced a series of policies regarding cryptocurrency regulation and is building a framework to monitor exchanges and custodians with the aim of risk management and investor protection.

In addition, we plan to allow derivative trading by professional investors.

OSL plans to use the funds raised for business expansion plans and strengthening its financial foundation.