1. Overview of OneDegree and Dubai Insurance Partnership
2. VARA and Digital Asset Insurance Requirements
3. Leadership Insights from OneDegree and Dubai Insurance

The UAE Central Bank has approved the issuance of digital asset custodial risk insurance by OneDegree, Asia’s licensed insurer for digital assets, and Dubai Insurance Company for customers in the UAE.

Overview of OneDegree and Dubai Insurance Partnership

OneDegree and Dubai Insurance partnered in 2023 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.’

VARA and Digital Asset Insurance Requirements

Custodial risk insurance is an essential part of the risk management strategy for digital asset exchanges, custodians, and other service providers. It is mandated by many regulators worldwide. VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors’ and 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.

Leadership Insights from OneDegree and Dubai Insurance

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 licenses. 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.”

OneInfinity by OneDegree offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices, and technology providers), OneDegree strengthens its clients’ competitive edge by enabling them to implement best practices under a robust risk management framework and secure a safety net for their assets under custody.