UAE to offer commercial liability cover for crypto businesses – view from Bitget

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UAE to offer commercial liability cover for crypto businesses - view from Bitget
UAE to offer commercial liability cover for crypto businesses - view from Bitget

The Middle East and North Africa (MENA) have emerged as the sixth largest crypto economies, with an estimated $389.8 billion in on-chain value received between July 2022 and June 2023.

Crypto businesses in the UAE will soon be getting some sort of safety net for their high-stake ventures. Dubai Insurance has signed up with Hong Kong-based OneDegree to offer ‘digital asset insurance’ to crypto businesses.

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Gracy Chen, Managing Director at Bitget, the world’s largest crypto copy trading platform: We strongly believe that the Middle East will play a pivotal role in shaping the future of the global digital asset industry. The sharp focus on innovation, security, and compliance has positioned the Middle East as a fertile ground for Web3 innovation, which has prompted global digital asset firms to make a base in the region.

The latest commercial liability insurance cover for digital asset firms in the region is a masterstroke, as it will create an extra layer of safety for the entire digital asset ecosystem and prove beneficial for all the relevant stakeholders in the industry.

As per the latest chain analysis report, the Middle East and North Africa (MENA) have emerged as the sixth largest crypto economies, with an estimated $389.8 billion in on-chain value received between July 2022 and June 2023. The staggering volume of digital asset trading calls for urgent protection of user funds and to insulate businesses from cyber-attacks and digital predators.

The Middle East and North Africa have become global centres for the digital asset ecosystem. This move will be highly beneficial for Web3 players in the top markets in the region, including the UAE.

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