Hong Kong-based OSL Group announced on Monday that it has agreed to buy a 90% stake in Evergreen Crest for $15 million.
Evergreen Crest operates a cryptocurrency exchange in Indonesia. The acquisition is set to give OSL swift access to the Indonesian digital asset market.
OSL Group’s Acquisition
In a filing with the Hong Kong Stock Exchange, OSL said its wholly owned unit signed the share purchase agreement with Evergreen Crest. Once the deal closes, Evergreen Crest will become a subsidiary of OSL Group.
The move aims to help OSL gain the Indonesian virtual asset business license now held by Evergreen Crest. This license is key for offering regulated crypto services in Indonesia.
Strategic Importance of Indonesia
Indonesia is one of the fastest-growing markets for cryptocurrency. According to a recent index, the country ranks third globally in crypto adoption, behind only India and Nigeria.
OSL noted that Indonesia’s large and young population, solid economic growth, and rising crypto use make it an ideal place to expand. By acquiring a local exchange, OSL can immediately tap into this dynamic market.
Evergreen Crest’s Virtual Asset License
Evergreen Crest currently holds a licensed virtual asset business in Indonesia. Under the acquisition terms, OSL Group will gain control of this license.
This will allow OSL to offer digital asset trading and custody services in Indonesia under existing regulations. With the license in hand, OSL can start serving Indonesian clients without needing to apply for a new permit from scratch.
Also Read: Indonesia’s Crypto Market Soars To $30 Billion In 2024, A 352% Increase Year-on-Year
Expansion Plans in Indonesia
OSL told investors it plans to broaden its offerings in Indonesia beyond crypto trading. The company aims to introduce services tied to real-world assets and payment finance, once it secures any additional permits needed.
These new services could include tokenisation of physical assets or digital payment solutions. By doing so, OSL hopes to build a wider ecosystem of financial services for local users.
Indonesia’s Crypto Landscape
Indonesia’s Ministry of Communication and Digital Affairs recently paused the operating permit for World, the project co-founded by OpenAI CEO Sam Altman.
The suspension came after reports of suspicious activity around the World ID service.
Despite this regulatory action, Indonesia remains a hotbed for crypto adoption and innovation. The country’s strong market fundamentals continue to attract foreign firms like OSL.
OSL’s Global Push
This deal is part of OSL’s broader plan to expand internationally. In February, OSL completed the purchase of Japanese crypto exchange CoinBest and rebranded it as OSL Japan.
By securing a presence in both Japan and Indonesia, OSL is positioning itself as a major player in the Asia-Pacific crypto scene. The company believes that growing its footprint in key markets will help it offer a more diverse range of services to users.
Also Read: Indonesian National Regulator Reports 60% of its crypto investors are below the age of 30
