OSL Digital Securities – a unit within Fidelity-backed BC Group – said that Hong Kong’s securities regulator has agreed in principle to issue a license, according to exchange filings, according to Finnews Asia.
According to BC Group chief executive Hugh Madden, the license will help increase ease of doing business by being able to engage other regulated entities. Final approval is subject to certain conditions, the filing added without providing details.
In addition to the cryptocurrency business where it generates the majority of its revenue, BC Group also provides business park and advertising services. In the first half of 2020, it posted a net loss of 90.8 million yuan ($13.1 million).
Meanwhile, BC Group said it has raised USD36mn in a share placement, according to a statement.
The placement builds on the success of the Group’s fast-growing digital asset business, OSL, which saw its revenues increase 386% in the six months ending 30 June 2019 compared to the second half of 2018, and further affirms the Group’s institutional-focused strategy, positioning it to lead the digital asset trading market globally.