June 05, 2025
By Our Correspondent
In an effort to increase its footprint in Southeast Asia, Hong Kong-based OSL Group said Monday that it has reached an agreement to buy a 90% part in Evergreen Crest, the company that operates an Indonesian cryptocurrency exchange, for $15 million.
OSL claimed in a filing with the Hong Kong Stock Exchange that it has signed a share purchase agreement with its wholly owned subsidiary and that the acquisition will give it “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 stated.
According to the release, the acquisition also gives OSL access to regulatory licenses for trading bitcoin spot and derivatives in Indonesia via Evergreen Crest’s subsidiaries.
Subject to obtaining the required license permits, OSL intends to increase the range of services it offers in Indonesia, including payment finance and real estate assets.
OSL seems to have global expansion at the top of its agenda. OSL announced in February that it had successfully acquired CoinBest, a cryptocurrency exchange in Japan, and rebranded it as OSL Japan.
According to Yahoo Finance data, OSL’s stock has dropped 3.4% in Hong Kong so far on Tuesday, even though trading is still going on. In the last month, the stock price has increased by 11.6%.
