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Firms in Hong Kong can offer insurance for Asian cryptocurrency holdings

Insurance and risk management for digital assets will extend investor confidence, as an essential Asian insurer has ventured into Bitcoin (BTC), in an attempt to furnish a mannequin for other groups in the field.

Multi-line insurance plan association OneDegree introduced on Thursday that it is partnering with Hong Kong Bitcoin Exchange (HKbitEX) to grant protection for the latter’s ON1ON custody platform. OneDegree claims to be the first Asia-based insurance plan issuer for digital assets, having insured $100 million in digital assets under HKbitEX’s custody.

Insurance demand for digital belongings is growing and insurance and risk management for digital assets will raise investor self assurance and help the market develop.

Third-party insurance covers physical harm to wallets prompted by herbal occurrences, cybersecurity risks such as outdoor hacking or malware attacks, and worker intentional or fraudulent acts.

Following the announcement, HKbitEX co-founder Ken Lo cited that he desires additional institutional investment in cryptocurrencies.

He continued: “With over 1,800 licensed asset managers, Hong Kong is domestic to over US$3 trillion in assets underneath management. We want to assist asset managers enter this market in ways that allows them to additionally fulfill their fiduciary duties to their stop investors.”

The employer said it is growing extra technological solutions to assist crypto market individuals in avoiding risks. In addition to its in-house cybersecurity platform Cymetrics, the tools will assist customers to assess their cyber chance and manipulate them, according to the firm.

As reported, Hong Kong’s Securities and Futures Commission is currently reviewing guidelines masking virtual forex transactions, which includes whether humans can make investments in crypto-related exchange-traded funds.

Hong Kong is one of the world’s most vital and distinguished economic hubs. It has had a great impact on cryptocurrency innovation. For example, the city-state has given delivery to some of the most conventional and profitable crypto companies to date, including the cryptocurrency derivatives alternate FTX and the digital asset platform Crypto.com.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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