(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.”
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.
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Backed by Asia’s leading public fintech and digital asset company, OSL Group (863.HK), formerly known as BC Technology Group, OSL is the world’s first SFC-licensed and insured digital asset platform. Founded in 2018, OSL has an established history in the sector and is recognized by many as the leader in providing comprehensive regulated and licensed digital asset solutions.
OSL offers Markets services (brokerage, exchange, and custody) and SaaS technology solutions, which deliver institutional clients in addition to professional and retail investors access to the best-in-class digital asset platform, along with a fully regulated liquidity pool. OSL’s secured and insured hot and cold wallet infrastructure also ensures the safekeeping of digital assets with timely transaction settlements.
As the digital asset industry continues to evolve, so does OSL. OSL’s simple and tailored approach compliantly navigates international clients through the evolving digital assets environment.
For more information, visit: group.osl.com