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Reading: Gallagher’s Bold Move: A Lifeline for Australian Digital Asset Firms in 2025
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Deythere > News > News > Stocks > Gallagher’s Bold Move: A Lifeline for Australian Digital Asset Firms in 2025
MarketStocks

Gallagher’s Bold Move: A Lifeline for Australian Digital Asset Firms in 2025

0601FC06 7AD2 4634 9011 11C50CF8DEF2
Isha Jane
Last updated: January 29, 2025 11:43 am
By
Isha Jane
Published January 29, 2025
6 Min Read
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In a significant move for the digital asset industry, global insurance brokerage giant Gallagher has reportedly launched a specialized insurance product designed specifically for Australian companies managing digital assets. The product, dubbed Gallagher Crypto-Pro, aims to address the unique risks faced by these firms while helping them comply with evolving regulatory requirements.

Contents
  • Gallagher Crypto-Pro: A Comprehensive Safety Net for Digital Asset Firms
  • Regulatory Challenges Drive Demand for Specialized Insurance
  • A Step Forward for Australia’s Digital Asset Industry 
  • Conclusion: A New Era of Security for Digital Asset Firms
    • FAQs 

The launch comes as Australian fintech companies brace for proposed changes to licensing rules under the Australian Financial Services License (AFSL). According to a report by Insurance Business Magazine, firms seeking an AFSL must demonstrate their ability to compensate retail clients as mandated by the Corporations Act 2001. Gallagher’s new offering is positioned as a critical tool for companies looking to avoid regulatory pitfalls while safeguarding their operations.

Gallagher Crypto-Pro: A Comprehensive Safety Net for Digital Asset Firms

Gallagher Crypto-Pro is designed to provide civil liability coverage for digital asset investments, ensuring that companies can meet regulatory demands. The product also includes crime insurance, covering losses from breaches involving both cold and hot wallets. Additionally, it offers access to recovery specialists for asset recovery and forensic analysis and full-limit mitigation cost coverage for responding to incidents.

“For firms operating in the global cryptocurrency market, adapting to regulatory changes in multiple jurisdictions remains an ongoing challenge. Comprehensive insurance coverage and expert advice are critical to mitigating these risks while enabling growth and innovation in the digital asset space,” Gallagher stated in a report by Insurance Business Magazine. 

Gallagher
Gallagher

This comprehensive approach is expected to provide much-needed security for Australian digital asset firms, which have long struggled to find tailored insurance solutions.

Regulatory Challenges Drive Demand for Specialized Insurance

The Australian digital asset sector has faced increasing scrutiny from regulators, particularly as the government seeks to tighten licensing requirements. Under the proposed AFSL changes, companies must prove their ability to compensate retail clients, a requirement that has left many firms scrambling for solutions.

Gallagher’s new product is seen as a timely response to these challenges. However, the insurance broker cautioned that global crypto companies require more than just a basic insurance product.

“Crypto firms must navigate a complex web of regulations across jurisdictions, making comprehensive coverage and expert guidance essential,” the company advised. 

The report also highlighted the need for additional types of coverage, such as protection against financial losses tied to technology failures, service disruptions, and cybersecurity incidents. These risks are particularly acute for digital asset firms, which often operate in highly volatile and technologically complex environments.

A Step Forward for Australia’s Digital Asset Industry 

The introduction of Gallagher Crypto-Pro marks a significant milestone for Australia’s digital asset industry. By addressing the unique risks these firms face, the product is expected to foster greater confidence among investors and regulators alike.

“This is a positive step forward for the industry,” said a spokesperson for a leading Australian fintech firm, who spoke on condition of anonymity. “Having access to tailored insurance solutions will not only help us comply with regulations but also protect our business and clients from unforeseen risks.” 

Gallagher
Gallagher

The move also underscores the growing recognition of digital assets as a legitimate and integral part of the financial ecosystem. As more companies enter the space, the demand for specialized insurance products is likely to grow, paving the way for further innovation in the sector.

Conclusion: A New Era of Security for Digital Asset Firms

Gallagher’s launch of Gallagher Crypto-Pro represents a major advancement for Australian digital asset firms, offering them a comprehensive solution to navigate regulatory challenges and mitigate risks. As the industry continues to evolve, such tailored insurance products will play a crucial role in ensuring its sustainable growth.

While the product addresses many immediate concerns, the broader regulatory landscape remains complex. Firms must remain vigilant and seek expert advice to stay ahead of the curve. Keep following Deythere and keep an eye on crypto updates and developments.

FAQs 

  1. What is Gallagher Crypto-Pro?

Gallagher Crypto-Pro is a specialized insurance product designed for Australian companies managing digital assets. It provides civil liability coverage, crime insurance, and access to recovery specialists, among other features.

  1. Why is this insurance product important for digital asset firms?

The product helps firms comply with proposed changes to the Australian Financial Services License (AFSL) requirements, which mandate the ability to compensate retail clients. It also mitigates risks such as breaches, technology failures, and cybersecurity incidents.

  1. What risks does Gallagher Crypto-Pro cover?

The product covers civil liability and losses from breaches involving cold and hot wallets and provides access to recovery specialists and forensic analysis. It also includes full-limit mitigation cost coverage for responding to incidents.

  1. Who is eligible for Gallagher Crypto-Pro?

Gallagher Crypto-Pro is tailored for Australian companies managing digital assets, including fintech firms, cryptocurrency exchanges, and other entities operating in the digital asset space.

  1. How does Gallagher Crypto-Pro help with regulatory compliance?
    The product ensures that companies can meet the compensation requirements for retail clients as mandated by the Corporations Act 2001, helping them avoid regulatory issues while securing their operations.

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