Hong Kong-based cryptocurrency exchange OSL Group .

OSL, which was the first exchange to win a license from the Hong Kong Monetary Authority (HKMA), said it will use the new capital to develop new business initiatives, such as building payment and stablecoin services.

Hong Kong will start allowing stablecoin issuance under . It is in the process of unveiling a range of policies for the regulation of digital assets, establishing a framework to for the purposes of risk management and investor protection.

It also plans to .

OSL also plans to use the capital to support acquisition plans and bolster its balance sheet.

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