OneDegree, a prominent licensed insurer for digital assets in Asia, has entered into a strategic alliance with Dubai Insurance Co. This collaboration signifies a noteworthy advancement in providing comprehensive digital asset insurance in the United Arab Emirates (UAE).
Notably, this collaborative effort is geared towards enhancing support for web3 entities in key hubs across the region, particularly the UAE.
Additionally, OneDegree has a proven track record in assisting clients to obtain regulatory licenses in prominent digital asset hubs worldwide. Moreover, this partnership brings substantial expertise to the table.
OneDegree’s Web3 Insurance and Dubai Insurance Co. Partnership
Two years ago, OneDegree introduced OneInfinity, an exclusive suite of insurance products meticulously crafted for digital asset companies. However, this move solidified OneDegree’s position as a frontrunner in web3 risk management.
The commencement of this new partnership marks the beginning of OneDegree and Dubai Insurance Co.’s collaborative efforts. Initially, the primary focus will be on offering commercial liability insurance. Specifically, the attention will be directed towards professional indemnity and directors & officers insurance.
MENA’s Digital Asset Surge: Collaboration in Regulatory Navigation and Wallet Insurance
Together, these entities aim to navigate regulatory pathways for innovative products, with a notable focus on introducing custodial wallet insurance to the burgeoning UAE market. Dubai Insurance Co. has underscored its commitment to this collaboration by strategically participating in OneDegree’s Series B funding round.
Remarkably, over the past decade, the MENA region has experienced substantial evolution. Moreover, it has emerged as a global epicenter for the digital asset ecosystem.
UAE’s Digital Asset Regulations
Abu Dhabi Global Market took the lead in establishing regulations for digital asset entities. Recently, Dubai followed suit with the establishment of VARA, a pioneering independent digital asset regulator.
Notably, Dubai Insurance Co., acknowledged as one of the leading insurers in the UAE, is joining forces with OneDegree. Together, they are working towards a shared vision—to enhance the UAE’s status as a secure and well-regulated global web3 hub.