OSL Expands Insurance Coverage to Strengthen Investor Protection, Setting a Global Record and Signing a Three-Year Agreement.
(Hong Kong, October 8, 2024) — OSL Group (863.HK) today announced a significant upgrade to its digital asset custody insurance program through its subsidiary, OSL Digital Securities Limited. This move sets a new global standard in the rapidly evolving digital asset space and elevates OSL to new heights in innovation and security.
Insured by A-rated Insurance Companies, Offering the Highest Coverage Amount and Longest Coverage Period for a Single Digital Asset Custodian Globally
This initiative aligns with the standards set by the Securities and Futures Commission (SFC) and aims to further enhance the construction of the digital asset ecosystem while providing additional asset security, reflecting OSL's commitment to compliance, product innovation, and investor protection. Building on a strong partnership with insurance collaborator Canopius, this $1 billion insurance program is once again led by global insurance and reinsurance giant Canopius in collaboration with the leading Lloyd's of London Syndicate.
OSL CEO, Wayne Trench, stated, "This record-breaking insurance coverage elevates the standards of the digital asset industry to a new level. By providing our clients with unprecedented financial protection, we lay the foundation for OSL's growth and prepare for the next wave of digital asset innovation. Furthermore, this highlights OSL's position in the market as the most trusted, secure, and forward-looking participant."
Nicholas Edwards, Head of Products at Canopius, added, "The scale and duration of the coverage provided to OSL demonstrate the insurance industry's high recognition of the reliability of its custody solutions. We are pleased to support OSL in achieving its ongoing goals and setting the highest standards for the compliance of digital assets and the backing of insurance as financial protection."
Jeff Hanson, Senior Vice President at Paragon International Insurance Brokers in London, remarked, "We are leveraging resources in the international market to inject new momentum into the digital asset industry. We are excited to partner with OSL to set this industry precedent and achieve this important milestone. Our collaboration with OSL is crucial for us to provide the maximum coverage for digital asset custodians."
Dan Dibden, Co-founder of Capstone Insurance Brokers Ltd in Hong Kong, commented, "This is a very exciting moment for all participants in this project. We are thrilled to help OSL achieve this insurance program, which is the culmination of our years of effort and dedication."
OSL's insurance program is fully underwritten by A-rated insurance companies, underscoring its commitment to leading the development of the regulated digital asset industry, particularly in promoting 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 fintech and digital asset public company, with a platform that is the world's first licensed and insured digital asset platform by the Hong Kong Securities and Futures Commission. Established in 2018, the company has a long-standing history in the relevant fields, and its comprehensive and regulated digital asset solutions are highly recognized in the industry.
OSL provides market services (brokerage, exchange, and custody) and software-as-a-service (SaaS) technology solutions, offering global liquidity to institutional, professional, and retail investors through a top-tier digital asset trading platform. OSL's secure and insured wallets ensure the safe storage and efficient trading settlement of digital assets.
As the digital asset industry continues to evolve, the company also progresses. OSL's simple and tailored services ensure that global clients receive compliant services in the ever-changing digital asset environment.
For more information, please visit: group.osl.com.
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