Crypto adoption continues to be on the rise with the Middle East expected to be the fastest growing market in Asia, according to digital asset insurer OneInfinity.
Numerous crypto players are flocking to the Middle East to set up businesses largely due to supportive regulatory developments. In July, the world’s largest crypto exchange Binance secured a license in Dubai days after Rain – backed by Coinbase, the second largest crypto exchange – also obtained a license in Abu Dhabi.
According to Alvin Kwock, co-founder of virtual insurer OneDegree and digital asset insurer OneInfinity, the region is set to outpace the rest of Asia.
«We see the investment in digital assets is going full power from the Web3 universe to the traditional investors, especially in the Middle East market, where we are seeing a lot of inbound of fund and enterprise in recent months,» said Kwock during the «Dubai Future Blockchain Summit 2023». «We believe that the Middle East is going to be the fastest growing market of digital asset trading in Asia.»
Hong Kong, Singapore
But elsewhere in Asia, Kwock also continues to see demand for crypto insurance, including rival hubs Hong Kong and Singapore.
«In 2022, $3.8 billion of crypto assets were stolen. Insurance, together with regulation, serve as the ‘double-tick’ mechanism for investor protection,» Kwock explained. «We are seeing vast demand for insurance cover for the digital asset market in Asia. In Hong Kong, the vast majority of VASPs (Virtual Asset Service Providers) are getting insurance from us, in Singapore the proportion is about half.»
Founded in 2021, OneInfinity is the digital asset insurance arm of virtual insurer OneDegree. Its cybersecurity technology is offered by Cymetrics, a sister company of OneDegree, and its solutions include digital asset wallet insurance and corporate liability coverages.
