Written by: OSL

In 6 months, revenue increased by 17% and customer assets surged by 300%, which is the interim performance report submitted by OSL for 2024.

The results were perfect, especially the reduction of the continuing business loss to HK$9.6 million, a sharp drop of 90% year-on-year. This remarkable achievement was due to the simultaneous progress of various business lines under OSL's 2024 globalization strategy, as well as in-depth reforms in strategic layout and business operations.

OSL's strategy for the first half of 2024 is "steady and long-term"

OSL has accumulated rich operational experience in the past four years and is highly sensitive to market dynamics. It can quickly improve its risk management and customer service capabilities under the new regulatory system. In order to meet the growing demand of Hong Kong's digital asset market, OSL has taken a series of important measures in the first half of this year:

  • We have strengthened our cooperation with global insurance giant Canopius to comprehensively upgrade digital asset custody insurance protection, providing higher insurance coverage and wider coverage, which has greatly enhanced customers’ trust in the platform;

  • Key adjustments to the SOC 2 Type 2 reporting process to meet enterprise customer needs and align with industry best practices, effectively enhancing operational transparency and compliance;

  • OSL Group (863.HK) shares were included in the MSCI Global Small Cap Index, marking a double harvest of rapid business growth and improved market position, and also enhancing its international visibility and the importance of the digital asset industry in the global financial market;

Through these comprehensive "big moves", OSL not only consolidated its industry leadership in the first half of the year, but also demonstrated its versatile capabilities in promoting the development of the entire digital asset industry. We also look forward to continuing to use these valuable experiences in the future to drive the company and the entire Hong Kong Web3 industry to achieve higher development goals.

Hong Kong and the new variables of OSL

At the same time, OSL has also been vigorously innovating in digital asset ETFs and compliance solutions over the past six months, greatly enhancing the market competitiveness of its products and consolidating its market leadership.

Especially with the new licensing system for virtual asset trading platforms in Hong Kong taking effect on June 1, OSL, as one of the only two licensed exchanges, has a broad space for development:

OSL has partnered with virtual asset ETF issuers such as China Asset Management (Hong Kong) and Harvest Asset Management to launch the first batch of spot Bitcoin and Ethereum ETFs and introduce physical subscription and redemption, making Hong Kong the first market in the world to launch such products, enhancing the competitiveness of Hong Kong's Web3 market and providing a successful example for other global markets.

Among them, OSL takes the lead with its strong custody and trading service capabilities. It not only provides basic trading functions, but also actively participates in shaping the regulatory and technical framework of the ETF market. It is committed to developing a Web3 ecosystem that meets global standards, attracting many institutional and retail investors seeking reliable and secure investment opportunities.

In addition, obtaining the AMLO license also proves OSL's leading position in digital asset security and regulatory compliance, attracting more institutional clients and professional investors.

We also look forward to OSL continuing to maintain high standards under the new regulatory environment, providing a safe and reliable platform for partners and customers, and promoting the growth of Hong Kong’s digital asset market.

A new financial landscape is taking shape in Hong Kong

OSL actively seeks cross-border cooperation with other leading players in the industry, with particular attention to opportunities to integrate traditional financial services with modern digital asset technologies. Earlier this year, it cooperated with UBS Group to issue the first investment-grade tokenized warrant based on the Ethereum public chain in Hong Kong. This is an innovative application of blockchain technology in traditional financial products. This move not only marks OSL's innovation and leadership in the field of digital assets, but also heralds the future direction of the integration of digital assets and traditional financial services.

Through such collaboration, OSL aims to promote wider industry acceptance and application, thereby playing a key role in building a global digital asset ecosystem, such as staking services for digital asset ETFs, RWA, etc., which OSL has also been actively deploying.

Overall, the future growth potential of Hong Kong’s digital asset market will mainly focus on enhancing investor protection and improving transaction transparency. With the entry of more licensed exchanges, the market’s service quality and technological innovation will definitely be significantly improved. This is a historic opportunity for improvement, and of course it also poses new challenges to OSL, the leader.

All the past is prologue, and OSL will continue to lead the market with products, especially in the key areas of security, compliance and education. We also believe that through cooperation with other market participants, we can not only enhance our market position, but also jointly promote the healthy development of the entire industry and create a more robust and inclusive virtual asset market.