UAE’s central bank approves custodial risk insurance product for digital assets
OneDegree executive Robin Scott told Cointelegraph that the insurance covers Web3 asset managers against the risk of losing customer funds.
The Central Bank of the United Arab Emirates (CBUAE) has approved a new product allowing an issuer to provide digital assets custodial risk insurance.
Hong Kong-based insurance provider OneDegree and the UAE’s Dubai Insurance announced that they started providing digital asset custodial risk insurance to UAE customers. The companies, collaborating on a brand called “OneInfinity,” said that they got approval from CBUAE to offer the product.
Custodial risk insurance is part of the risk management strategies for custodians, exchanges and other digital asset service providers. According to OneDegree, many regulators worldwide require the product.
OneDegree executive Robin Scott told Cointelegraph that the insurance covers Web3 asset managers against the risk of losing customer funds.
The Central Bank of the United Arab Emirates (CBUAE) has approved a new product allowing an issuer to provide digital assets custodial risk insurance. Hong Kong-based insurance provider OneDegree and the UAE’s Dubai Insurance announced that they started providing digital asset custodial risk insurance to UAE customers. The companies, collaborating on a brand called “OneInfinity,” said that they got approval from CBUAE to offer the product. Custodial risk insurance is part of the risk management strategies for custodians, exchanges and other digital asset service providers. According to OneDegree, many regulators worldwide require the product. Read more