Hong Kong's licensed digital asset exchange OSL Group reported impressive financial results for the first half of 2025, with revenue reaching HK$195.4 million (US$25.1 million), marking a 58% year-on-year increase. The company experienced a remarkable 200% surge in transaction volume, which soared to HK$68.2 billion, reflecting heightened activity on its platform.
The growth was driven by increased institutional participation and broader adoption of digital asset trading in Hong Kong's evolving regulatory landscape. OSL's adjusted non-IFRS income reached HK$188.6 million, up 187% compared to the same period last year.
Despite the revenue gains, operating losses more than doubled to HK$20.3 million (US$2.6 million) from HK$9.6 million a year earlier, primarily due to aggressive global expansion that saw employee headcount grow from 167 to 568 within a year.
A standout performer was OSL Pay, the crypto payments platform launched in April 2025, which contributed HK$55.9 million (US$7.2 million) in revenue, accounting for nearly 30% of total group revenue. The payments division enables businesses and individuals to conduct crypto-based payments in a regulated environment.
The strong performance follows OSL's US$300 million equity raise in July 2025 - the largest publicly disclosed capital raise in Asia's digital asset sector to date. Proceeds will fund global expansion efforts, including developing regulated stablecoin infrastructure, licensing in new jurisdictions, and launching a compliant digital payments network.
OSL's growth trajectory aligns with Hong Kong's strategy of fostering licensed platforms under its new regulatory framework, which includes a stablecoin licensing regime set to launch and plans to regulate tokenized government bonds and ETFs.
