The Middle East is going to be the fastest-growing market of digital asset trading in Asia, said Alvin Kwock, co-founder of OneInfinity, who was one of the panelists at Dubai Future Blockchain Summit 2023.

 

Discussing "Crypto Trading & Digital Asset - Redefining Custody in Web3 World", he said: “We see that investment in digital asset 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 funds inbound and enterprise in recent months.” 

 

OneInfinity by OneDegree, the first and only licensed digital asset provider in Asia, has been taking part in the in the past four days. OneInfinity is excited to be part of Dubai's dynamic crypto market and contribute to its growth and success. It is committed to building a comprehensive ecosystem that fosters Web3 innovation while ensuring security and trust for all stakeholders.

 

Qualified custodian

He however stressed the importance of using a qualified custodian and highlighted the growing interest of banks in the crypto world. He as well emphasised that banks' extensive experiences in custody services provides an extra layer of trust.

 

The panelists, including David Lin, founder of David Lin Report; Sagar Sarbhai, Head of Business Solutions & Advisory of Fireblocks, and Dr Marwan Alzarouni, the CEO of Dubai Blockchain Center, also discussed key custody issues like balancing usability and security and the need for market education. 

 

They highlighted the importance of addressing evolving hacker threats and focusing on technology and operational risks. Regulatory authorities like VARA in UAE will demand tools for technical controls, including live audits and ongoing reviews.

 

“In 2022, $3.8 billion of crypto assets were stolen. Insurance, together with regulation, serve as the ‘double-tick’ mechanism for investor protection. We are seeing vast demand of insurance cover for the digital asset market in Asia. In Hong Kong, vast majority of VASPs (Virtual Asset Service Providers) are getting insurance from us, in Singapore the proportion is about half,” Kwock added.--TradeArabia News Service