Hong Kong’s best attempts to become a crypto center haven’t been without setbacks.
BC Technology may value OSL at roughly HK$1 billion, or around $128 million.
OSL, a cryptocurrency platform owned by BC Technology Group Ltd. of Hong Kong, is reportedly offered for sale. The decision comes as the Hong Kong cryptocurrency market struggles with difficulties including low demand and regulation concerns.
According to Bloomberg, citing individuals familiar with the situation, BC Technology has reportedly investigated interest from possible purchasers and may value OSL at roughly HK$1 billion, or around $128 million.
It has been claimed that BC Technology Group, a major participant in Hong Kong’s cryptocurrency business, is considering selling its cryptocurrency platform, OSL. The Hong Kong cryptocurrency industry has recently been facing a number of difficulties. These include poor demand and complicated regulations, so this new development comes as somewhat of a surprise. However, at this time, there has been no official agreement signed and the negotiations are still in their infancy.
Striving Hard
Moreover, prime brokerage, exchange services, and digital asset custody are just some of the crypto services available via OSL’s platform. Financial institutions who are interested in entering the virtual asset trading area may also take use of the platform’s infrastructure assistance. Meanwhile, BC Technology may choose to sell just certain components of OSL rather than the whole platform if the right opportunity presents itself.
Unfortunately for the cryptocurrency sector, Hong Kong’s best attempts to become a center for the industry haven’t been without setbacks. Additionally, the city’s tight laws and regulations might increase overhead for cryptocurrency enterprises.