(Hong Kong, October 8, 2024) – OSL Digital Securities Ltd., a subsidiary of OSL Group (863.HK), is pleased to announce today a significant upgrade to the insurance program for its digital asset custody business. This move sets a new global standard in the rapidly evolving digital asset space and pushes OSL to new heights in innovation and security.
Underwritten by a Class A insurance company, the single digital asset custodian with the highest global coverage amount and the longest coverage period
OSL's move is in line with the standards of the Securities and Futures Commission (SFC), and aims to further strengthen the construction of the digital asset ecosystem and provide additional asset security, reflecting OSL's commitment to compliance product innovation and investor protection. With the good cooperation foundation with insurance partner Canopius, the $1 billion insurance plan is once again led by Canopius, a global insurance and reinsurance giant, and Lloyd's of London Syndicate, a leading company.
Cui Song, CEO of OSL, said: "This record-breaking insurance coverage raises the standard of the digital asset industry to a new level. By providing customers with unprecedented financial protection, we have laid the foundation for OSL's growth and are ready for good times." The next wave of digital asset innovation, it also highlights OSL’s position as the most trusted, secure and forward-thinking player in the market.”
Nicholas Edwards, Head of Product at Canopius, added: “The scale and duration of the cover provided to OSL is a testament to the industry’s continued recognition of the reliability of its custody solutions. We are pleased to support OSL in its ongoing goals to set the highest standards for compliance of digital assets and the backing of funds with insurance.”
Jeff Hanson, Senior Vice President of London-based Paragon International Insurance Brokers Ltd., said: “We are leveraging the resources of the international market to inject new impetus into the digital asset industry. We are delighted to work side by side with OSL to create a first for the industry and achieve this important milestone. The cooperation with OSL is very important to us, allowing us to provide the largest coverage for digital asset custodians.”
Dan Dibden, co-founder of Capstone Insurance Brokers Ltd in Hong Kong, commented: “This is a very exciting time for all involved in this project. We are delighted to have been able to help OSL secure this insurance scheme, which culminates many years of hard work and dedication to making this a reality.”
OSL’s insurance program is fully underwritten by A-rated insurance companies, highlighting its commitment to leading the development of the regulated digital asset industry, especially in facilitating the issuance of digital asset ETFs in Hong Kong.
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About OSL
OSL Group (863.HK, formerly BC Technology Group) is Asia's leading financial technology and digital asset listed company. Its platform is the world's first digital asset platform licensed and insured by the Hong Kong Securities Regulatory Commission. Founded in 2018, the company has a long history in related fields and its comprehensive and regulated digital asset solutions are also widely recognized by the industry.
OSL provides market services (brokerage, exchange and custody) and software as a service (SaaS) technology solutions, providing global liquidity for institutions, professional and retail investors with the top digital asset platform trading platform. OSL's secure and insured wallet ensures the safe storage of digital assets and efficient transaction settlement.
As the digital asset industry continues to grow, the company is also evolving. OSL’s simple and tailored services ensure that global clients receive compliant services in the evolving digital asset environment.
For more information, please visit group.osl.com.
Media Contact
media@osl.com
