BNY, the world’s largest custodian overseeing $59 trillion of assets, is expanding its digital asset custody business to the United Arab Emirates through local partners.
According to a Thursday press release, the global financial services giant is working with Finstreet and ADI Foundation to build regulated digital asset infrastructure anchored in Abu Dhabi Global Market (ADGM), the financial free zone in Abu Dhabi that has become a hub for crypto firms and blockchain projects entering the Middle East region.
The initiative will initially focus on custody services for cryptocurrencies including bitcoin and ether (ETH), with plans to later expand into stablecoins and tokenized assets, the press release said.
“The UAE is…
