Citi has initiated coverage of Hong Kong-based crypto exchange OSL, assigning it a buy rating with a target price of 21.80 Hong Kong Dollars. The Wall Street bank highlighted OSL's regulatory-first approach, robust institutional adoption, and expanding stablecoin offerings as key factors for its positive outlook. Citi projects an 80% revenue growth for OSL in 2025, fueled by its PayFi expansion and strong presence in regulated markets. OSL currently commands over 60% of Hong Kong's OTC crypto market and is eyeing expansion into Europe, the Middle East, and emerging markets. However, Citi cautioned about potential risks including market volatility, regulatory changes, and increasing competition.