Hong Kong-based cryptocurrency exchange OSL Group has raised $300 million in an equity sale.

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 a new regulatory regime taking effect at the start of August. It is in the process of unveiling a range of policies for the regulation of digital assets, establishing a framework to oversee exchanges and custodians for the purposes of risk management and investor protection.

It also plans to allow professional investors to trade derivatives.

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

Read More: The Market Has Become 'Overly Excited' for Stablecoins, Hong Kong Financial Regulator Says

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