The UAE Central Financial institution has authorised OneDegree, Asia’s licensed insurer for digital property, and Dubai Insurance coverage Firm’s issuance of digital property custodial danger insurance coverage to their prospects in UAE.
Beforehand, OneDegree and Dubai Insurance coverage partnered in 2023 and have supported many digital asset corporations with their insurance coverage wants. Custodial danger insurance coverage completes the product portfolio and permits the companions to supply a one-stop store for digital asset corporations within the UAE beneath the model ‘OneInfinity.’
Dubai’s VARA mandates insurance coverage protection of digital property
Custodial danger insurance coverage is an important a part of the chance administration technique for digital asset exchanges, custodians, and different service suppliers. It’s mandated by many regulators worldwide. VARA, Dubai’s devoted regulator for digital property, requires such protection together with skilled indemnity and administrators’ and officers’ insurance coverage. With this newest approval, specialised custodial danger insurance coverage will be supplied instantly in UAE for the primary time. Custodial danger insurance coverage protects corporations towards the chance of shedding entry to digital property together with by way of third celebration hacks and theft, inside fraud and bodily injury to the storage media.
Robin Scott, Basic Supervisor of Center East for OneDegree, stated, “UAE has solely strengthened its place as a digital asset hub since our market entry final 12 months. There are a whole lot of corporations organising throughout the Emirates and seeking to get hold of key licenses. For this, they want robust, tailor-made insurance coverage insurance policies. It’s improbable that we are actually in a position to provide the total suite of OneInfinity digital asset merchandise to those inspiring corporations.”
Abdellatif Abuqurah, CEO of Dubai Insurance coverage, added, “We’re thrilled to work with OneDegree on this necessary growth within the UAE. Dubai Insurance coverage is dedicated to bringing probably the most revolutionary insurance coverage merchandise to the UAE. Custodial danger insurance coverage is one thing model new to the market however that satisfies an pressing demand as UAE cements its place as a world chief in digital property.”
OneInfinity by OneDegree presents tech-enabled digital asset insurance coverage and danger administration options globally. By providing tailored insurance coverage to end-to-end digital asset gamers (together with buying and selling platforms, custodians, asset managers, banks, household workplaces and expertise suppliers), OneDegree strengthens its shoppers’ aggressive edge by enabling them to implement greatest practices beneath a sturdy danger administration framework and safe a security internet for his or her property beneath custody.
Lately, OneDegree has partnered with Saudi Arabia’s Walaa Cooperative Insurance coverage Firm, an insurance coverage and reinsurance firm the place Walaa will help OneDegree as a reinsurer for its market-leading digital asset merchandise globally. The partnership was introduced through the 24 Fintech occasion in Riyadh, KSA.
