Onedegree, an Asian digital assets insurer, and its UAE partner, Dubai Insurance, have started offering digital asset custodial risk insurance to clients in the UAE. This new product, approved by the Central Bank of UAE, expands both companies’ product portfolio and offers a comprehensive solution to UAE digital asset companies. The launch of this insurance is seen as a crucial step for the UAE to solidify its position as a global leader in the digital assets industry.
Onedegree, Dubai Insurance Launch Digital Asset Custodial Insurance for UAE Clients
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The Asian digital assets insurer, Onedegree, and its United Arab Emirates (UAE) partner, Dubai Insurance, have begun offering custodial risk insurance to clients in the Middle Eastern country. The two companies, which have been collaborating since last year, started selling the insurance product after receiving approval from the Central Bank of UAE.
According to a statement, the digital assets custodial risk insurance expands Onedegree and Dubai Insurance’s product portfolio, enabling them to provide UAE digital asset companies with a comprehensive solution.
Robin Scott, Onedegree’s general manager for the Middle East, praised the product launch, saying it is much needed in a country with many established companies in the sector.
“UAE has only strengthened its position as a digital asset hub since our market entry last year. There are hundreds of companies setting up across the Emirates and looking to obtain key licences. For this, they need strong, tailored insurance policies. It’s fantastic that we are now able to offer the full suite of Oneinfinity digital asset products to these inspiring companies,” the general manager said.
Abdellatif Abuqurah, CEO of Dubai Insurance, suggested that his company’s partnership with the Asian insurer Onedegree helps it achieve its goal of “bringing the most innovative insurance products to the UAE.” He added that the launch of custodial risk insurance could potentially help the UAE “cement its position as a global leader in digital assets.”
Mandated by many regulators, including Dubai’s Virtual Asset Regulatory Authority (VARA), custodial risk insurance is reportedly seen as a crucial component of a risk management strategy for digital asset exchanges. The central bank’s approval of the insurance product enables insurers to offer it directly to clients in the UAE.
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