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Hong Kong blockchain platform OSL Group (HKEX: 00863) has announced its intention to acquire a 90% stake in Evergreen Crest Holdings Ltd for $15 million, marking a strategic expansion into Indonesia's rapidly growing cryptocurrency market, Reuters reported on Monday.
The acquisition will be financed through the issuance of new shares rather than cash, with Evergreen Crest becoming an indirect subsidiary of OSL upon completion. The transaction's primary value lies in securing cryptocurrency and futures trading licenses in Indonesia, providing OSL with immediate regulatory compliance in Southeast Asia's largest economy.
Market Entry and Business Expansion
The Indonesian market represents a significant opportunity for OSL's diversification strategy. The company plans to leverage this acquisition to expand into emerging sectors including Real World Assets (RWA) and Payment Finance (PayFi).
Indonesia's crypto market has shown substantial growth potential, with increasing institutional adoption and regulatory clarity supporting digital asset trading activities.
OSL brings considerable experience to this expansion, with impressive credentials in the digital asset space, including over $100 billion in traded volume since inception, 76% market share of Hong Kong's spot crypto ETF assets under custody, and an established regulatory framework and institutional client base
The acquisition aligns with OSL's strategy of entering regulated markets to strengthen institutional engagement. By securing proper licensing in Indonesia, OSL positions itself to capture growing demand for compliant cryptocurrency trading and custody services in Southeast Asia.
The move is expected to enhance OSL's ability to serve institutional clients across the region while providing local market access that could stimulate liquidity and foster greater institutional participation in Indonesia's digital asset ecosystem.
