CoinDesk reported that BNY (formerly BNY Mellon), the world's largest custodian bank managing $59 trillion in client assets, is expanding its digital asset custody business into the Middle East in partnership with local entities in the United Arab Emirates (UAE). According to BNY's announcement, it plans to build a regulated digital asset infrastructure within Abu Dhabi Global Market (ADGM) in collaboration with Finstreet and the ADI Foundation. ADGM is a financial free zone that has emerged as a hub for cryptocurrency companies and blockchain projects looking to enter the Middle East. This initiative will initially focus on virtual asset custody services such as Bitcoin (BTC) and Ethereum (ETH), with plans to gradually expand the service scope to stablecoins and tokenized assets (RWA) in the future.
