BNY to launch BTC, ETH custody in UAE with local partners

BNY, the world's largest custodian bank with $59 trillion in client assets, is expanding its digital asset custody business to the Middle East in partnership with local firms in the United Arab Emirates (UAE), CoinDesk reported. According to an announcement from BNY, the bank will collaborate with Finstreet and the ADI Foundation to establish a regulated digital asset infrastructure within the Abu Dhabi Global Market (ADGM), a financial free zone that has become a hub for crypto companies entering the region. The initiative will initially focus on custody services for cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), with plans to gradually expand its scope to include stablecoins and tokenized assets (RWA).