BNY Mellon, the world’s largest custody bank with $59 trillion in client assets under administration, has expanded its cryptocurrency custody services into Abu Dhabi through a new partnership, the bank confirmed this week.
The move marks a significant milestone for institutional crypto adoption in the Gulf region, as Abu Dhabi has positioned itself as a leading hub for regulated digital asset activity. The UAE capital has attracted a growing number of major financial institutions seeking exposure to crypto markets within a clear regulatory framework.
BNY Mellon first launched digital asset custody services in the United States in 2022 and has been steadily expanding its crypto offering in response to surging institutional client demand. The bank now joins a growing list of traditional financial giants extending crypto infrastructure into the Middle East.
The expansion comes as Nasdaq President Tal Cohen noted at Consensus Miami this week that a friendlier regulatory environment from the SEC is giving crypto firms and exchanges “room to build” — a sentiment echoed across the financial services industry as institutions race to establish digital asset capabilities ahead of the next major market cycle.
