Hong Kong's BC Technology Group Ltd. is exploring the possibility of selling its crypto exchange platform OSL. OSL is one of only two licensed exchanges in Hong Kong under the city's digital-asset rules. BC Technology has reached out to potential buyers, with discussions suggesting a valuation of approximately $128 million. OSL offers prime brokerage, exchange, and custody services for the crypto market and provides infrastructure for financial institutions. The company is considering a partial sale rather than selling the entire business. However, there is no guarantee that a deal will be finalized. This development comes as Hong Kong aims to position itself as a hub for the digital asset sector. The city introduced new digital-asset regulations in June, but demand for cryptocurrencies in Hong Kong has been weak due to market turbulence and business failures. BC Technology's shares have dropped 80% from their peak in June 2021. OSL had previously withdrawn its application for a digital-asset license in Singapore and is now relocating some Singapore-based clients to Hong Kong. Currently, HashKey Exchange is the only other platform in Hong Kong with a crypto permit. The licensing process may face increased scrutiny following the controversy surrounding the unlicensed JPEX exchange.
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