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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a move reflecting the institutional expansion into digital assets within the Gulf region, BNY, the world's largest custodian bank, announced it will offer Bitcoin and Ethereum custody services in Abu Dhabi. According to reports, this step aims to meet rising institutional demand for crypto assets, yet it coincides with increasing warnings regarding the future potential of quantum computing to breach Bitcoin security protocols. Analysts suggest that the emergence of such technology threatens the cryptographic foundations upon which current blockchain networks rely.
BNY's entry into the Abu Dhabi market comes amid intensifying regional competition, as Standard Chartered recently launched similar services in the UAE after securing licenses in 2024. Per market data, BNY oversees more than $45 trillion in assets globally, giving its entry significant weight compared to competitors like Coinbase, which faces ongoing regulatory pressure in the US. Technical experts emphasize that countering quantum threats will require radical updates to encryption algorithms to prevent future breaches of digital wallets.
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Sign InLooking at instrument performance, BNY shares (listed in London as 0HLQ.L) stood at $144.41 (at close June 12, 2026) after reaching a session high of $149.31. Investors should watch for further developments in the UAE's digital asset regulatory framework, alongside upcoming US Inflation (CPI) data, which could impact risk appetite across both cryptocurrency markets and banking stocks.