In recent months, the global digital asset market has witnessed a surge of interest in stablecoins, catalyzed by Circle’s landmark Nasdaq listing and the explosive investor response that followed. While much attention has been focused on U.S.-based players, a parallel transformation is unfolding in Hong Kong’s financial landscape—led by OSL Group, a pioneering and fully compliant digital asset platform.
With its market capitalization nearing HK$10 billion and share price surging over 280% in the past year, OSL has emerged as a key beneficiary of the stablecoin-driven Web3 evolution. Unlike speculative ventures riding the crypto hype wave, OSL has built a robust, regulated infrastructure over seven years, positioning itself at the forefront of the PayFi (payment finance) revolution—a next-generation blockchain-powered financial ecosystem.
The Foundation of Compliance and Trust
👉 Discover how compliance is reshaping the future of digital finance.
OSL stands out as Hong Kong’s only publicly listed and fully licensed digital asset exchange. From its inception in 2018, the company prioritized regulatory adherence, undergoing independent audits by PwC—one of the Big Four accounting firms—within months of launching its digital asset operations. This early commitment laid the groundwork for long-term credibility.
In 2019, OSL launched Asia’s first insured digital asset custody service, reinforcing security for institutional and retail clients alike. A pivotal milestone came in 2020 when it became the first digital exchange to receive a license from the Securities and Futures Commission (SFC) of Hong Kong. This achievement made OSL the world’s first platform to simultaneously hold an SFC license, public listing status, insurance-backed custody, and Big Four audit verification.
Its regulatory journey continued with expanded permissions—from serving only professional investors to gaining approval for retail trading in Bitcoin and Ethereum. These developments reflect a strategic focus: not just on innovation, but on building trust through transparency and compliance.
Strategic Leadership and Brand Evolution
Recognizing the need for deeper Web3 integration, OSL executed a major leadership overhaul in 2023 following a strategic investment of HK$700 million from BGX, a leading crypto services firm. The new executive team brings elite expertise across global fintech and blockchain platforms:
- Kevin Cui, CEO – Former executive at Bybit
- Ivan Wong, CFO – Ex-Morgan Stanley fintech leader with experience at Ant Group
- Jack Tan, CMO – Previously held senior roles at Futu Holdings
- Eugene Cheung, Chief商务官 – Also from Bybit
- Yun Cheng, CTO – Brings deep technical knowledge from Binance
This high-caliber team has infused OSL with stronger Web3 DNA while maintaining its regulatory-first philosophy. In early 2025, the company unveiled a refreshed brand identity, signaling its transition into a globally oriented digital asset ecosystem player.
Breaking Through with PayFi Innovation
One of the most compelling aspects of OSL’s growth story is its strategic pivot toward PayFi—a fusion of blockchain technology and financial services designed to enable fast, low-cost, cross-border payments. In March 2025, OSL reported its first annual profit since entering the digital asset space in 2018, marking a turning point.
For the 2024 fiscal year:
- Revenue rose 78.6% year-on-year to HK$375 million
- Operating profit turned positive at **HK$54.8 million**, reversing a prior loss of HK$250 million
- Net profit reached **HK$46.69 million**, up from a net loss of HK$266 million
This turnaround was driven by rising digital asset prices, appreciation of holdings, and improved operational efficiency. But more importantly, it validated OSL’s decision to focus on sustainable infrastructure rather than speculative trading alone.
To accelerate its PayFi ambitions, OSL committed $30 million** to invest in stablecoin-based payment solutions. This aligns with broader market trends: according to CGV Research, PayFi could account for **10% of global digital payment volume by 2030**, representing a potential market size of **$1.8 trillion.
“PayFi is not just about moving money—it’s about redefining how value flows across borders, industries, and ecosystems,” OSL stated in its annual report.
By integrating PayFi with its licensed exchange platform, OSL ensures seamless fiat-to-crypto settlements under full regulatory oversight—offering a competitive edge against unregulated giants like Binance or Bybit.
Global Expansion Through Strategic Acquisitions
OSL’s rise isn’t fueled by vision alone—it’s backed by aggressive global expansion. Over the past year, the company completed four major acquisitions:
- European digital asset and blockchain platform – Expanded footprint into Western markets
- Evergreen Crest Holdings (Indonesia) – Tapped into fast-growing Southeast Asian Web3 demand
- CoinBest (Japan) – Rebranded as OSL Japan to serve Japan’s regulated crypto market
- Banxa – A top-tier fiat-onramp provider enhancing global payment access
These moves have enabled OSL to secure nearly 50 licenses and permits worldwide, spanning Europe, Indonesia, Japan, and other key jurisdictions. Combined with existing approvals in Hong Kong, Australia, and Dubai, this creates a powerful compliance network across emerging digital asset hubs.
👉 See how global licensing is unlocking new financial frontiers.
Building a Sustainable Web3 Ecosystem
Looking ahead, OSL envisions a future where digital assets are seamlessly integrated into everyday finance. Its strategy hinges on three pillars:
- Regulatory Collaboration: Partnering with local banks, securities firms, and regulators to shape compliant frameworks.
- Technology Integration: Working with card issuers, lending platforms, and wallet providers to expand use cases.
- Global Interoperability: Creating a unified infrastructure that connects regional markets without sacrificing compliance.
As global regulatory standards mature, OSL believes the next wave of adoption will favor platforms that combine innovation with legitimacy—precisely where it holds a first-mover advantage.
Frequently Asked Questions (FAQ)
Q: What makes OSL different from other cryptocurrency exchanges?
A: OSL is the only publicly listed, fully licensed digital asset exchange in Hong Kong. It combines regulatory compliance, insured custody, Big Four audits, and retail trading approval—setting it apart from most competitors.
Q: Is OSL involved in stablecoin issuance?
A: While OSL does not issue its own stablecoin, it actively invests in and supports stablecoin-based payment infrastructure through its PayFi strategy.
Q: How has OSL achieved profitability?
A: Profitability stems from increased trading volume, appreciation of digital asset holdings, operational optimization, and revenue from its expanding global platform services.
Q: What is PayFi and why does it matter?
A: PayFi refers to blockchain-powered financial services that enable instant, low-cost cross-border payments. It represents the next evolution of digital finance, with potential applications in remittances, commerce, and decentralized banking.
Q: Where is OSL licensed to operate?
A: OSL holds licenses or regulatory approvals in Hong Kong, Australia, Dubai, Japan, Indonesia, Europe, and through Banxa, multiple global jurisdictions.
Q: Can retail investors trade on OSL?
A: Yes. OSL received SFC approval to offer Bitcoin and Ethereum trading to retail investors in Hong Kong—a significant competitive advantage.
OSL’s journey reflects a broader shift in the digital asset industry: from speculation to sustainability, from decentralization without oversight to innovation within regulation. As stablecoins gain traction and PayFi reshapes global payments, companies like OSL are proving that long-term success lies not in chasing trends—but in building foundations strong enough to support the future of finance.
👉 Explore how next-gen financial platforms are changing the game.