(Hong Kong, 26 January, 2024) — OSL Digital Securities , the digital asset platform of OSL Group (863.HK) - Hong Kong’s only publicly listed company fully dedicated to digital assets, is pleased to announce the enhancement of its digital asset custody insurance policy. This is led by long-term partner Canopius - a global specialty (re)insurer and leading Lloyd’s of London Syndicate. The 2-year digital asset custody insurance policy includes an increased policy limit and broader coverage, providing OSL and their clients with even greater security and peace of mind for its digital assets.
The renewal of the digital asset custody insurance policy was brokered by Capstone Insurance Brokers, a subsidiary of Brown & Brown, and Paragon International Insurance Brokers. It underscores the mutual trust and confidence between OSL and Canopius, setting the stage for continued growth and prosperity in the digital asset services sector.
Elevating Investor Assurance — Boosting Coverage for a Safer Tomorrow
OSL is steadfast in its commitment to safeguarding at least 95% of regulated assets under custody, a decision that remains unchanged despite new regulatory guidelines permitting virtual asset service providers (VASPs) to reduce insurance coverage to 50% of assets under custody. OSL can scale the increased limit and can complement the policy with additional dedicated cover for clients on a case-by-case basis. The insurance is placed directly with insurance companies with a minimum AM Best ‘A’ and Standard & Poor’s ‘AA’ financial rating to complement OSL’s best-in-class risk management to give both retail and institutional clients peace of mind following the failures seen across the industry in recent years.
Fortifying Investor Confidence — Where Every Asset Finds Its Safety Net
Canopius, one of the world's leading Digital Asset custody insurers, offers cutting-edge solutions and a world-class service to their clients, mirroring OSL's unwavering commitment to the industry's loftiest standards.
“As the digital asset landscape evolves, OSL remains steadfast in our commitment to fostering market growth responsibly. We believe in cultivating a space where only the right participants thrive. Our continuous pursuit of compliant standards over the years is a testament to our dedication to earning the trust of our users,” Eugene Tan, Managing Director and Head of Operations of OSL states, "Renewing and enhancing our policy with Canopius reflects our unwavering commitment to providing a secure and trustworthy environment for our clients, reinforcing the foundation of trust in the dynamic world of digital assets."
Nicholas Edwards, Head of Specie at Canopius, added, "We are proud to be partnered with OSL, a digital asset platform that shares our dedication to maintaining the highest standards. Our digital asset custody product provides an added layer of client protection and supports OSL's mission to uphold the integrity and security of digital assets in today's evolving financial ecosystem."
About Canopius
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the U.K., and the U.S. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited), a U.S. surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda-based Class 4 Insurer.
For more information, visit www.canopius.com or follow @CanopiusGroup.
For more information, please contact: [email protected]
About OSL Hong Kong
As a subsidiary of the publicly listed OSL Group (HKEX: 863.HK), OSL Digital Securities is Hong Kong’s first and most established SFC-licensed and insured digital asset platform. Operating since 2018, the platform provides institutional-grade digital asset services to corporations, financial institutions, professional and retail investors.
OSL Hong Kong delivers services across five core domains: OTC brokerage, Omnibus broker solutions, custody, wealth management, and retail services. The OTC brokerage services provide 24/7 high-liquidity crypto trading with fiat on/off-ramp services. Custody solutions feature client-asset segregated wallet management backed by US$1 billion insurance coverage. The wealth management suite offers crypto investments to traditional investors, including tokenised treasuries, RWAs, structured crypto products, and quant investment strategies. Retail services bring institution-grade security and crypto access to professional and retail investors.
As a pioneer in bridging traditional finance and the digital asset economy, OSL Group adheres to its core concept: Open, Secure, and Licensed, empowering the next generation of global financial infrastructure. In addition to Hong Kong, OSL Group expands operations under full regulatory compliance in Japan, Australia, Europe and beyond.
For more information, visit osl.com.
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