OSL sets global record with $1 billion Hong Kong digital asset insurance coverage
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OSL sets global record with $1 billion Hong Kong digital asset insurance coverage
OSL expands insurance coverage to enhance investor protection, setting a global record with a three-year agreement.
Navigating Web3 tides with focused insights(Hong Kong, 10 October 2024) — OSL Digital Securities Limited, a subsidiary of OSL Group (863.HK), today announced a significant upgrade to its insurance programme for digital asset custody services. This move sets a new global benchmark within the rapidly evolving digital asset sector and elevates OSL’s leadership in innovation and security.
World’s highest insured amount and longest coverage period for a single digital asset custodian, backed by A-rated insurers
The enhancement aligns with standards set by the Securities and Futures Commission (SFC), further strengthening the digital asset ecosystem and providing enhanced asset protection—demonstrating OSL’s commitment to compliant product innovation and investor safeguarding. Building on its strong partnership with Canopius, this USD 1 billion insurance programme is once again co-led by global insurance and reinsurance leader Canopius and leading Lloyd’s of London Syndicate.
OSL CEO Colin Cai said: "This record-breaking insurance coverage raises the bar for the entire digital asset industry. By offering unprecedented financial protection to our clients, we are laying the foundation for OSL’s growth and embracing the next wave of digital asset innovation. It also reinforces 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 coverage provided to OSL reflect the insurance industry’s high confidence in the reliability of its custody solutions. We are proud to support OSL in achieving its ongoing mission, setting the highest standard for compliance in digital assets and establishing insurance as a robust backstop for client funds."
Jeff Hanson, Senior Vice President at Paragon International Insurance Brokers Ltd in London, said: "We have leveraged resources from the international market to inject new momentum into the digital asset industry. We are delighted to stand alongside OSL in achieving this important milestone—the first of its kind. Our collaboration with OSL is highly significant, enabling us to deliver the largest coverage capacity ever secured for a digital asset custodian."
Dan Dibden, Co-Founder of Capstone Insurance Brokers Ltd in Hong Kong, commented: "This is an incredibly exciting moment for everyone involved in this project. We are thrilled to have supported OSL in securing this insurance programme—a groundbreaking achievement made possible through years of dedicated effort."
Fully underwritten by A-rated insurers, OSL’s insurance programme underscores its commitment to lead the development of regulated digital asset industries, particularly 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 fintech and digital asset-listed company. Its platform is the world’s first digital asset platform licensed and insured by the Hong Kong Securities and Futures Commission. Established in 2018, the company has a long-standing track record in the field and its comprehensive, regulated digital asset solutions are widely recognised across the industry.
OSL provides market services (brokerage, exchange, and custody) and software-as-a-service (SaaS) technology solutions, delivering top-tier digital asset trading platforms that offer global liquidity to institutional, professional, and retail investors. OSL’s secure, insured wallets ensure safekeeping of digital assets and efficient trade settlement.
As the digital asset industry continues to evolve, so does OSL. Its simple, tailored services ensure global clients receive compliant solutions amid the dynamic digital asset landscape.
For more information, please visit: group.osl.com.
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