Introduction
In a progressive move aimed at enhancing the insurance landscape for Web3 enterprises, the Central Bank of the United Arab Emirates (UAE) has given the green light to innovative insurance offerings from Relm Insurance and Liva Insurance. The newly endorsed products, known as SIGMAWEB3 and SIGMAWEB3 VARA, are specifically designed to address the distinct risks that digital assets, blockchain technologies, and fintech ventures encounter while operating in the UAE.
Significance of the Approval
This approval reflects the nation’s commitment to nurturing advancements in emerging technologies and signifies a crucial milestone for the collaboration between Relm Insurance and Liva, which began with a strategic partnership announcement in February 2025. This collaboration seeks to fill the gap in insurance that Web3 companies often face, particularly due to the fast-paced nature of digital innovations and the limited understanding from traditional insurers regarding these unique challenges.
Quotes from Industry Leaders
Joseph Ziolkowski, CEO of Relm Insurance, articulated the significance of this regulatory endorsement, stating, “Achieving Central Bank endorsement for SIGMAWEB3 and SIGMAWEB3 VARA marks a pivotal advancement for both brokers and clients within the UAE. This development not only fosters a bespoke insurance model tailored to the distinct risks found in the Web3 environment but also empowers businesses to innovate with confidence in a swiftly changing marketplace.”
Martin Rueegg, Group CEO of Liva Group, echoed this sentiment, underscoring the joint effort between the two companies. He remarked, “Our collaboration with industry leaders like Relm allows us to curate an improved range of products that cater specifically to our customers’ unique requirements, while simultaneously promoting the scalability and diversification of our operations for sustainable growth.”
Future Implications
The approval of SIGMAWEB3 and SIGMAWEB3 VARA signals a broader recognition and understanding within regulatory frameworks regarding the specific insurance necessities in the Web3 domain. It establishes the UAE as a proactive leader in fostering a conducive environment for the advancement of innovative businesses involved in digital assets.
