Digital asset platform enhances custody insurance policy


OSL Digital Securities, the digital asset platform of OSL Group, has announced the enhancement of its digital asset custody insurance policy. This is led by long-term partner Canopius, a global specialty (re)insurer and leading Lloyd’s of London Syndicate.

The two-year digital asset custody insurance policy includes an increased policy limit and broader coverage, providing OSL and their clients with even greater security and peace of mind for their digital assets.

The renewal of the digital asset custody insurance policy was brokered by Capstone Insurance Brokers, a subsidiary of Brown & Brown and Paragon International Insurance Brokers.

OSL says that it is steadfast in its commitment to safeguarding at least 95% of regulated assets under custody, a decision that remains unchanged despite new regulatory guidelines permitting virtual asset service providers to reduce insurance coverage to 50% of assets under custody.

OSL can scale the increased limit and can complement the policy with additional dedicated cover for clients on a case-by-case basis. The insurance is placed directly with insurance companies with a minimum AM Best ‘A’ and Standard & Poor’s ‘AA’ financial rating.

The SFC’s minimum insurance requirement is part of its broader efforts to regulate the cryptocurrency industry in Hong Kong. Since opening crypto trading to retail investors in August 2023, only OSL and HashKey have been granted virtual asset trading licences.

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