UAE Grants Approval for Digital Asset Custody Insurance
CryptoNewsTerminal Staff12 Sep, 2024
UAE Grants Approval for Digital Asset Custody Insurance
The Central Bank of the United Arab Emirates (CBUAE) has granted approval for the launch of digital asset custody insurance in the country. This move is a significant step towards enhancing the security and credibility of the digital asset ecosystem in the UAE. The insurance product, developed by Hong Kong-based digital asset insurer WNDG in collaboration with Dubai Insurance, will provide coverage for customers' digital assets held with exchanges, custodians, and asset managers. This will give investors greater confidence in holding and transacting digital assets, helping to drive the growth and adoption of the asset class in the UAE.
