OneDegree, Asia’s first licensed insurer for digital assets, and Dubai Insurance Company have begun issuing digital assets custodial risk insurance to their customers in UAE after gaining a key approval from the Central Bank of UAE.

OneDegree and Dubai Insurance announced their partnership last year and have supported many digital asset companies with their insurance needs. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

Robin Scott, General Manager of Middle East for OneDegree, is sharing the announcement at the Belt and Road Summit in Hong Kong on Thursday.

Custodial risk insurance is an essential part of the risk management strategy for digital asset exchanges, custodians and other service providers and is mandated by many regulators worldwide. VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

Robin Scott, General Manager of Middle East for OneDegree, said, “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.”

Abdellatif Abuqurah, CEO of Dubai Insurance, added, “We are thrilled to work with OneDegree on this important development in the UAE. Dubai Insurance is committed to bringing the most innovative insurance products to the UAE. Custodial risk insurance is something brand new to the market but that satisfies an urgent demand as UAE cements its position as a global leader in digital assets.”

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