BNY Mellon expands crypto custody in Abu Dhabi by launching digital asset custody services in the United Arab Emirates through local partners, anchored in Abu Dhabi Global Market (ADGM). The initial custody offering will focus on cryptocurrencies Bitcoin (BTC) and Ether (ETH), with plans to extend services to stablecoins and tokenized assets. BNY Mellon is the world’s largest custodian bank and oversees about $59 trillion in assets under custody and administration.
The UAE is rapidly becoming a key player in digital asset finance, with a strong emphasis on developing regulatory frameworks that appeal to crypto exchanges, stablecoin issuers, and tokenization startups. Both Abu Dhabi and Dubai serve as attractive destinations due to their supportive regulatory environments.
Local institutions, including IHC, have announced plans to roll out a regulated dirham-backed stablecoin targeted at both government and institutional usage. These initiatives further underscore the UAE’s strategic efforts to position itself at the forefront of the digital asset finance sector, enhancing its reputation as a burgeoning hub for digital innovation and financial technology development.
BNY Mellon, the world’s largest custodian bank, manages approximately $59 trillion in assets under custody and administration. It holds a pioneering role as the first major U.S. global systemically important bank to offer digital asset custody services. This move is part of a broader trend where major financial institutions are increasingly integrating blockchain technology into mainstream markets. This shift is helping to modernize traditional financial systems by leveraging the transparency and security provided by blockchain. BNY Mellon’s digital asset services exemplify the growing acceptance and adoption of blockchain solutions across global finance sectors, illustrating a significant evolution in financial custodianship and technology.
“The UAE is entering a new phase of financial development, characterized by deeper markets, greater digital sophistication and stronger global connectivity,”
“With our world-class capabilities and scale across capital markets, BNY is uniquely positioned to connect traditional and digital financial ecosystems in collaboration with our clients.”
