New York Bank expands its “digital assets” business to the UAE, offering BTC and ETH custody services

According to an official press release published by Bank of New York (BNY) on May 7, the world’s largest custody bank, which manages about $59 trillion in assets, has announced a collaboration with local partners Finstreet and the ADI Foundation to set up regulated digital-asset custody infrastructure at the Abu Dhabi Global Market (ADGM). The initial focus will be on institutional custody services for Bitcoin (BTC) and Ethereum (ETH).

Collaboration Structure and the ADGM Regulatory Framework

According to BNY’s official press release, this business expansion centers on the Abu Dhabi Global Market (ADGM). ADGM is Abu Dhabi’s financial free zone, and BNY’s two local partners are Finstreet and the ADI Foundation.

BNY Executive Vice Chairman Hani Kablawi said in an official statement: “The UAE is entering a new stage of financial development, characterized by deeper markets, more mature digital technologies, and stronger global connectivity. With our world-class capabilities and scale in the capital markets, Bank of New York has a unique advantage to work with clients, connecting traditional and digital finance ecosystems.”

Initial Service Scope: BTC and ETH Custody, Later Expansion to Stablecoins and Tokenized Assets

According to BNY’s official press release, the initial service scope for its UAE operations includes institutional custody of Bitcoin (BTC) and Ethereum (ETH), with plans to further expand into stablecoins and tokenized assets.

BNY’s Institutional Background and UAE Digital Finance Policy Developments

According to BNY’s official materials, the scale of custody and management assets handled by the bank is about $59 trillion, making it the world’s largest custody bank, as well as the first large U.S. Global Systemically Important Bank (G-SIB) to roll out digital-asset custody services.

In the UAE, last month IHC (International Holding Company) announced plans to launch a regulated stablecoin backed by the UAE dirham (AED), targeting government and institutional customers. Both of the UAE’s two major financial hubs, Abu Dhabi and Dubai, have established regulatory frameworks supporting the development of digital assets, attracting crypto exchanges, stablecoin issuers, and tokenization firms to move in.

Frequently Asked Questions

Why are BNY’s digital-asset business collaboration partners in the UAE Finstreet and the ADI Foundation?

According to BNY’s official press release dated May 7, 2026, BNY’s UAE collaboration partners are Finstreet and the ADI Foundation (ADI Foundation). The three parties will jointly build regulated digital-asset infrastructure at the Abu Dhabi Global Market (ADGM).

Which digital assets will BNY support in the UAE at the initial stage?

According to BNY’s official press release, the initial services focus on institutional custody for Bitcoin (BTC) and Ethereum (ETH), with plans to expand later into stablecoins and tokenized assets.

What special position does BNY hold in global digital-asset custody?

According to BNY’s official materials, the bank manages about $59 trillion in assets, making it the world’s largest custody bank and also the first large U.S. Global Systemically Important Bank (G-SIB) to launch digital-asset custody services.