Industry leaders from the Web3 sector gathered in Dubai last week for the Building Trust in Web3 Forum, organised by OneInfinity and Dubai Insurance.
The event brought together more than 80 executives – including representatives from Dubai’s Virtual Assets Regulatory Authority (VARA) and companies such as Ripple, MANTRA, and Crystal Intelligence – to discuss the evolving risk landscape for digital assets.
The forum took place following a significant cyber incident involving Bybit, one of the world’s largest cryptocurrency exchanges, which reported losses of US$1.4 billion due to a security breach. Experts at the event examined how the attack occurred, strategies for tracing stolen assets, and the role of insurance in mitigating financial exposure from such events.
OneInfinity, a specialised insurer for digital assets, has been operating in Dubai since 2023 in collaboration with Dubai Insurance Company. Its custodial risk insurance offering, approved by the Central Bank of the UAE, is designed to support virtual asset service providers (VASPs) in managing financial and operational risks.
The forum provided a platform for stakeholders – including regulators, banks, legal advisors, and analytics firms – to explore developments in Web3 security, compliance, and governance.
VARA representatives outlined ongoing regulatory initiatives, including oversight of digital asset custody, tokenisation of real-world assets, and financial instruments in the sector.
“We thoroughly enjoyed gathering with top leaders in Dubai’s Web3 ecosystem to share insights about how to champion the real opportunities within Web3, drive innovation, and collectively challenge illegal and unethical practices,” said Paul Boots (pictured), VARA’s head of sector development. “I would like to thank OneInfinity and Dubai Insurance for this insightful event.”
Alvin Kwock (pictured immediately below), co-founder and CEO of OneInfinity, described the strong engagement from industry participants.
“We were blown away by the response to the first Building Trust in Web3 Forum. Representatives from every key stakeholder in UAE took time out of their busy schedules to get together and share insights on the most critical issues in our sector. We’re very grateful to all those who supported the event, especially Paul and Ruben from VARA and our esteemed speakers from Ripple, MANTRA, and Crystal Intelligence,” he said.
Alongside discussions on digital asset security, a broader report on global business risks emphasised cyber threats as the top concern for 2025.
The Allianz Risk Barometer, which surveyed 3,778 industry professionals across 106 countries, identified cyber incidents – including ransomware attacks, data breaches, and IT system failures – as the most pressing challenge for businesses worldwide.
Rishi Baviskar, global head of cyber risk consulting at Allianz Commercial, noted that emerging technologies such as artificial intelligence (AI) have introduced additional security challenges.
“It is likely to remain a top risk for organisations going forward, given the growing reliance on technology – the CrowdStrike incident in summer 2024 once again underlined how dependent we all are on secure and dependent IT systems,” he said.
