The United Arab Emirates Central Bank has approved Web3 insurance solutions developed by Relm Insurance and Liva Insurance.
Closing the Insurance Gap
The United Arab Emirates (UAE) Central Bank has approved Web3 insurance solutions developed by Relm Insurance and Liva Insurance. The approved products, SIGMAWEB3 and a tailored version for Virtual Assets Regulatory Authority (VARA)-regulated companies, SIGMAWEB3 VARA, provide coverage for the unique risks associated with digital assets, blockchain, and fintech businesses operating in the UAE.
According to a statement, this regulatory approval underscores the UAE’s proactive approach to fostering innovation within emerging technologies. It validates the strategic partnership between Relm Insurance and the GCC insurance provider Liva Insurance, announced in February 2025. The collaboration aims to bridge the insurance gap often faced by Web3 companies due to the industry’s rapid evolution and the lack of tailored understanding from traditional insurers.
The UAE Central Bank’s decision to approve the two products is said to signify confidence in Relm and Liva’s ability to address the complex exposures inherent in the digital asset industry. Joseph Ziolkowski, CEO of Relm Insurance, emphasized the importance of this regulatory milestone.
“Securing Central Bank approval for SIGMAWEB3 and SIGMAWEB3 VARA is a significant step for brokers and clients in the UAE. This milestone facilitates more comprehensive coverage tailored to the unique risks of the Web3 space. By closing the insurance gap, we’re empowering businesses with the protection they need to innovate confidently in a rapidly evolving market,” he stated.
Martin Rueegg, Group CEO of Liva Group, highlighted the collaborative effort and the significance of the Central Bank’s recognition. He added:
“By partnering with industry leaders such as Relm, we aim to provide our customers with an enhanced product mix that meets their unique needs, while scaling and diversifying our business for the long term.”
The approval of the two solutions is said to provide a clear indication of the increasing regulatory acceptance and understanding of the specific insurance needs within the Web3 sector. Furthermore, it positions the UAE as a forward-thinking jurisdiction committed to providing a supportive ecosystem for the growth and development of innovative digital asset businesses.
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