Hong Kong’s OSL Group has completed the purchase of Indonesian crypto exchange Koinsayang, handing the digital asset firm a direct line into Southeast Asia’s largest economy just as Jakarta rewrites its rulebook for the sector.
The deal closed through the issue of about 9.3 million new shares, giving OSL control of an exchange licensed for both cryptocurrency spot and derivatives trading. The acquisition, announced Tuesday, grants the company full regulatory cover in Indonesia — an increasingly rare asset as the country consolidates crypto oversight under the Financial Services Authority (OJK).
For OSL, listed in Hong Kong under ticker 863, the transaction caps months of expansion moves. The firm has already bought a licensed venue in Japan, launched fiat-crypto payments in Europe, and rebranded itself from BC Technology to OSL Group to align with its trading arm. Indonesia is its first Southeast Asian foothold.
“Indonesia offers both scale and structure, and has a huge potential to integrate TradFi and Web3 and access regulated crypto payments,” said Ivan Wong, OSL’s chief financial officer. “Its sizable digital finance user base, robust Internet penetration, and relatively clear regulatory framework make it an ideal market.”
The timing matters. As of January, the OJK took over supervision of digital assets from the commodities regulator Bappebti, bringing crypto exchanges into a securities-style regime. Indonesia also operates the Indonesia Crypto Exchange (CFX), a national platform where licensed brokers must route trades. Koinsayang is one of the CFX members.
That structure makes Indonesia one of the few emerging markets with a clearly defined crypto market architecture. It also makes it harder for unlicensed platforms to operate, particularly after the government introduced new tax rules in August that increased levies on overseas exchanges and dropped VAT for domestic buyers.
For OSL, the hook is not just trading. The company has staked much of its next growth phase on “real-world asset” (RWA) tokenization — digitizing securities or property into blockchain-based tokens — and on “PayFi,” crypto-based payments tied to regulated gateways. Indonesia is fertile ground: the country ranks third globally for retail interest in RWAs, accounting for more than 10% of search traffic, according to data cited by the Indonesian Blockchain Association.
By folding Koinsayang into its group, OSL gets a brand with local recognition and a licensed derivatives capability that could be adapted to tokenized products once regulators are comfortable. It also inherits distribution channels and user accounts in a market with more than 20 million registered crypto users overall.
The Indonesian bet also broadens OSL’s revenue mix. In Hong Kong, the firm is known for institutional custody, brokerage and tokenized fund listings; in Japan, it is building consumer-facing services. Tying those markets to Jakarta gives it a triangle of regulated hubs in Asia, backed by a listing on the Hong Kong Stock Exchange.
The challenge is execution. OSL must integrate Koinsayang’s systems with its own technology stack, attract liquidity away from incumbents like Pintu and Tokocrypto, and ensure new products line up with OJK guidance and Bank Indonesia’s restrictions on payments outside the rupiah. But if it works, OSL will have secured a rare beachhead in a market that combines retail scale with regulatory clarity.
