March 27, 2024
Hong Kong's OSL Crypto Platform: Sale Rumors Debunked, but What Lies Ahead?
Latest Cryptocurrency News

Hong Kong’s OSL Crypto Platform: Sale Rumors Debunked, but What Lies Ahead?

The licensed cryptocurrency platform OSL owned by Hong Kong’s BC Technology Group may not be sold, the company has disputed reports to that effect.

Initially, reports from Bloomberg on Sunday said BC Technology was considering selling OSL, one of only two platforms for digital assets authorized under Hong Kong’s new crypto framework.

The corporation was claimed to be willing to sell particular parts of OSL rather than the whole company, and a figure of $1 billion HK ($127.8 million) was being considered.

Although it is usual for businesses to avoid responding to market rumours, BC Technology took the initiative to provide a formal refutation.

BC Technology vehemently rejected the reporting in a statement, calling it “factually inaccurate and highly misleading.”

An “unusual movement” in the trading volume and share price of BC Technology was also noted in the announcement. The board of the company, however, stated in its statement that it was not aware of any specific cause for the volatility.

According to exchange records, shares of BC Technology, which went public in Hong Kong in 2012, lost more than 34% of their value on Tuesday, falling to $2.70 HK ($0.35). Since then, it has recovered some of those losses, and as of the writing of this article, it is trading at $3.35 HK ($0.43) per share.

OSL offers several services for cryptocurrencies, such as prime brokerage, exchange, and custody. Financial institutions are also included in the trading infrastructure expansion.

The regulatory environment in Hong Kong, where the platform is now operating, is changing. Hong Kong has changed its position and is now striving to become a hub for cryptocurrencies, whereas the region had first limited trading of digital assets for individual investors.

A crypto licensing scheme that started in June was one of the measures taken by Hong Kong’s securities regulator to impose stricter regulations on businesses that deal in digital assets.

Image: Wallpapers.com

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