Hong Kong's OSL eyes Indonesia expansion with $15 million crypto exchange acquisition

Hong Kong-based OSL Group announced Monday that it has agreed to a $15 million share purchase deal for a 90% stake in Evergreen Crest, which runs an Indonesian crypto exchange, as OSL aims to expand its presence in Southeast Asia.

In a filing with the Hong Kong Stock Exchange, OSL said that its wholly owned subsidiary has entered into the share purchase agreement, and that the acquisition is expected to provide it with "immediate and strategic access to the Indonesian digital asset market."

"Indonesia possesses key attributes conducive to growth in this sector, including a substantial and youthful demographic, robust economic growth fundamentals, and a rapidly increasing rate of cryptocurrency adoption," OSL said.

The acquisition also provides OSL with access to regulatory licenses for cryptocurrency spot and derivatives trading in Indonesia through Evergreen Crest's subsidiaries, according to the statement.

OSL plans to expand its service offerings in Indonesia, including real-world assets and payment finance, subject to necessary licence permissions.

Global expansion appears to be at the top of the agenda for OSL. In February, OSL said it completed its acquisition of Japanese crypto exchange CoinBest and renamed the exchange as OSL Japan.

OSL's stock fell 3.4% in Hong Kong so far on Tuesday, though trading is still ongoing, according to Yahoo Finance data. Its stock price has risen 11.6% over the past month.