Wealth Managers Scramble to Add Crypto as UAE's Ultra-Rich Demand Digital Assets
Wealth managers in the UAE are rushing to offer crypto services due to high demand from ultra-rich clients, as many are switching advisors over unmet digital asset needs.Summary
Wealth management and private banking sectors, particularly in crypto hubs like Dubai, are facing mounting pressure to incorporate digital assets due to strong demand from Ultra-High Net Worth (UHNW) clients in the UAE. A survey by Swiss software firm Avaloq found that 39% of wealthy UAE clients hold crypto, yet only 20% of those use a traditional wealth manager, leading 63% of investors to consider switching advisors because their crypto inquiries go unanswered. Traditional institutions have been hesitant due to crypto's volatility and complexity regarding custody and keys. However, the growing number of crypto millionaires globally and the maturation of the asset class are forcing firms to integrate secure, compliant custody solutions, with Avaloq actively helping integrate technology from firms like Fireblocks.
(Source：CoinDesk)