BNY Plans Digital Asset Custody in UAE

BNY, the world's largest custodian bank overseeing approximately $59 trillion in assets under custody and administration, announced plans to launch regulated digital asset custody services in the United Arab Emirates through partnerships with Finstreet Limited and the ADI Foundation. The services will operate from the Abu Dhabi Global Market, an international financial center, starting with custody for Bitcoin and Ethereum before expanding to stablecoins and tokenized real-world assets. The initiative remains subject to definitive agreements and regulatory approvals.

The collaboration aims to meet rising institutional demand for secure, compliant custody solutions amid the UAE's growing integration of digital assets into mainstream finance. Finstreet, a subsidiary of Sirius International Holding backed by UAE conglomerate International Holding Company, holds licenses in ADGM for market trading, custody, settlement, and related activities. The ADI Foundation will contribute its blockchain infrastructure, including ADI Chain, an institutional layer-2 network designed for stablecoins and real-world assets in the Middle East and North Africa region.