Industry Leaders gather in Dubai for building trust in Web3 Forum as sector reels from largest ever hack
Dubai, UAE – Over 80 leaders from the Web3 industry came together in Dubai last week for the inaugural Building Trust in Web3 Forum by OneInfinity and Dubai Insurance. Speakers from Dubai's Virtual Assets Regulatory Authority (VARA) and leading industry players OneInfinity, Ripple, MANTRA and Crystal Intelligence shared their insights on the evolving Web3 landscape in UAE and globally.
The forum was held as the industry reeled from the largest ever digital assets hack with US$1.4 billion being stolen from leading exchange Bybit. Alvin Kwock, Co-founder and CEO of OneInfinity and Navin Gupta, CEO of Crystal Intelligence led a discussion on how the attack happened, tracing the stolen funds, and the role insurance can play in protecting the industry against the effects of such incidents.
OneInfinity, the specialized insurer for digital assets, has operated in Dubai since 2023 in collaboration with Dubai Insurance Company. The partnership received approval from the Central Bank of UAE for their custodial risks insurance product last year and supports leading virtual asset service providers (VASPs) in the region with their insurance needs. The Building Trust in Web3 Forum brought together these VASPs along with regulators, banks, law firms and analytics experts to discuss the key topics in Web3 risk management, regulation and security.
The forum benefited from VARA's strong support. Head of Sector Development, Paul Boots, opened the forum by remarking on VARA's role to enable sustainable growth in Web3 in Dubai. General Counsel, Ruben Bombardi, shared his perspective on top VARA initiatives from regulating custody, to real world asset tokenization and derivatives.
Paul Boots, Head of Sector Development at VARA said, 'The Building Trust in Web3 Forum is a welcome addition to Dubai's events calendar. We thoroughly enjoyed gathering with top leaders in Dubai's Web3 ecosystem to share insights about how to champion the real opportunities within Web3, drive innovation, and collectively challenge illegal and unethical practices. I would like to thank OneInfinity and Dubai Insurance for this insightful event.'
Alvin Kwock, Co-founder and CEO of OneInfinity said, 'We were blown away by the response to the first Building Trust in Web3 Forum. Representatives from every key stakeholder in UAE took time out their busy schedules to get together and share insights on the most critical issues in our sector. We're very grateful to all those who supported the event, especially Paul and Ruben from VARA and our esteemed speakers from Ripple, MANTRA and Crystal Intelligence.'
About OneInfinity
OneInfinity is the digital assets insurance arm of AIFT, the leading cybersecurity and insurance group. OneInfinity offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers), OneDegree strengthens its clients' competitive edge by enabling them to implement best practices under a robust risk management framework with a secure safety net for their assets under custody.
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