Hong Kong-based insurance firm AIA has unveiled a new product that will cover the cryptocurrency holdings of investors in Asia. If you’re considering insuring your digital assets, this is certainly worth keeping an eye on for 2018.
Despite the 2018 crypto bloodbath, a Hong Kong-based company will offer cryptocurrency insurance to its customers. This is a great sign for the future of digital assets and offers more protection than traditional investments.The “future of cryptocurrency 2021” is a Hong Kong firm that will offer insurance for Asian cryptocurrency holdings. The company plans to provide the service in China and other countries in Asia.
A large Asian insurer has entered the Bitcoin (BTC) market in the hopes of serving as a role model for other firms in the space.
On Thursday, OneDegree, a multi-line insurance company, established a partnership with Hong Kong Bitcoin Exchange (HKbitEX) to offer protection for the latter’s ON1ON custody platform. OneDegree claims to be Asia’s first digital asset insurance provider, having covered $100 million in digital assets held by HKbitEX.
According to OneDegree, the need for insurance for digital assets is expanding, and insurance and risk management for digital assets will enhance investor trust and assist the sector thrive.
Physical damage to wallets caused by natural events, cybersecurity threats such as outside hacking or malware assaults, and employee purposeful or fraudulent conduct are all covered by third-party insurance.
Following the news, Ken Lo, co-founder of HKbitEX, remarked that more institutional investment in cryptocurrencies is needed. He went on to say:
“Hong Kong is home to approximately $3 trillion in assets under management, with over 1,800 licensed asset managers. We aim to assist asset managers in entering this market in a manner that allows them to meet their fiduciary responsibilities to their end investors.”
According to the business, it is developing new technology solutions to help crypto market players avoid hazards. According to the corporation, the tools will help customers measure and manage their cyber risk in addition to its in-house cybersecurity platform Cymetrics.
The Securities and Futures Commission of Hong Kong is now considering laws governing virtual currency transactions, including whether people may participate in crypto-related exchange-traded funds, according to reports.
Hong Kong is one of the most significant and well-known financial centers in the world. It has had a huge influence on the development of bitcoin. The bitcoin derivatives exchange FTX and the digital asset portal Crypto.com, for example, are both based in the city-state.
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