Crypto news

The crypto insurance market in Russia has taken an important step forward. Ingosstrakh has issued the country's first cyber risk policy for the custodial digital asset storage platform Digital Treasury, developed by Web3 Tech. This deal, arranged by insurance broker MIKON, marks a turning point: for the first time in Russia, cryptocurrency assets have become the object of insurance coverage.

Details of the first deal

The policy covers key threats: hacker attacks, malware, technical failures, as well as data theft and, critically, the theft of the cryptocurrency itself. Compensation for harm to third parties is also provided. The insured service is owned by the company Voltari, part of the Web3 Tech group, which recently entered the register of information system operators. The Digital Treasury platform itself is designed for major players, providing custodial storage where a third party is responsible for the security of private keys.

The deal parameters are impressive:

• Insurance Object: The crypto-custodial platform Digital Treasury.
• Key Risks: Cyberattacks, malware, technical malfunctions.
• Limit Estimate: From 1 to 2 billion rubles according to expert estimates.
• Policy Cost: From 0.5% to 3% of the total sum insured.

It is important to note that the deal precedes legislative developments — the legal status of a digital depository has not yet been officially established, although a new bill No. 1194918-8 plans to define it. However, cyber risk insurance remains voluntary.

Global experience: Lloyd's and specialized giants

In the West, insurance for custodians has long been standard. For example, the Copper platform is insured for $500 million, and Coinbase for $320 million. The London insurer Lloyd's remains the central hub. Large policies are created by several syndicates: the lead underwriter takes on the first part of a potential loss, while other participants gradually cover higher risk levels.

Well-known companies like Copper and Evertas operate on this principle. To protect large wallets, the classic specie format, originally designed for gold bullion and works of art, is used. The first Lloyd's policy for crypto wallets was issued jointly with the British company Coincover and has a dynamic limit that rises or falls with the exchange rate of the insured assets.

Emergence of niche players and regulation

Highly specialized players are already appearing in the market. The American firm Evertas was the first to receive official Lloyd's coverholder status, and in 2023 increased its coverage limit to a record $420 million. In March 2024, broker Marsh launched the largest insurance mechanism of its kind, with a capacity of up to $825 million for assets in cold storage and MPC custody.

Regulators worldwide are beginning to integrate insurance into licensing standards. In Dubai, VARA requires mandatory policies; Singapore's MAS mandates that 90% of tokens be held in cold storage; and the EU's MiCA regulation obliges companies to have robust financial guarantees. Hong Kong is preparing new rules by 2026.

Outlook and conclusions

Despite progress, the current volume of global coverage still lags behind real threats: no more than 3% of the world's crypto assets are insured. The $1.5 billion Bybit hack in early 2025 clearly demonstrated this. However, the crypto insurance market is showing incredible growth rates — it is expected to increase to $192.72 billion by 2033.

Expert opinion: The first deal by Ingosstrakh is not just a precedent, but a signal for the entire Russian market. It creates the necessary trust infrastructure for institutional investors who are not ready to enter digital assets without insurance protection. However, until the regulatory framework is fully formed, the mass adoption of such products will remain sporadic. On a global scale, the market is moving towards mandatory insurance, and it is important for Russia not to fall behind in this trend.