Singapore
Blockchain Deposit Insurance Corporation (“BDIC”), a decentralized cryptocurrency deposit insurer providing coverage for digital assets, today announced the establishment of its Singapore business operations and announced that the BDIC Coin Token Sale is targeted for the first quarter of 2027, and that it has engaged Cole-Frieman & Mallon LLP as outside counsel in the United States.
PRESS RELEASE SUMMARY
BDIC’s Singapore entity (BDIC SG PTE LTD located on Lorong Ampas in Singapore) is intended to serve as the primary insurance underwriting hub for the company. The company will engage local legal representation and begin the regulatory engagement process for the new insurance entity for approval under the Monetary Authority of Singapore (MAS) and in the meantime, the company plans to place coverage for clients’ needs through existing dedicated insurance cells issued through network partners while awaiting its appointment and approval to write policy coverage directly. During this period, a Cayman Islands BDIC Foundation and its British Virgin Islands subsidiary will be established to issue the BDIC Coin independently of BDIC. BDIC Coin is intended to be used to pay BDIC insurance premiums, settlements, and governance as a true utility payment token.
Please scroll down for expanded details provided by company representatives, and visit the BDICnewsroom for other material stories and updates from the company
Why BDIC Singapore?
BDIC selected Singapore as the second location after BDIC HK as it is the intended primary insurance underwriting hub because of the depth of the jurisdiction’s financial regulation and its position in Asian digital asset markets. Asia has moved ahead of much of the world in digital asset adoption and market awareness, and BDIC’s operational strategy is designed to meet the requirements set out by MAS rather than work around them, as Singapore’s leadership and advanced vision on crypto insurance is the perfect platform.
“Establishing our presence in Singapore is more than a geographic expansion from our location in Hong Kong. It is a foundational step in our mission to bring institutional-grade security to the digital asset ecosystem,” said Paul Kohli, Co-Founder and Managing Director, Hong Kong and Pan-Asian Operations of BDIC from the Central District offices in HK. “By working within the MAS framework, we are embedding compliance, solvency, and operational integrity into our global insurance products. As we have engaged local representation and will submit the required information in the coming weeks, we look forward to working with the MAS team for our approval”.
Regulatory and Compliance Architecture
According to BDIC’s compliance team, BDIC is considering partnering with an existing local insurance partner, but it is not required in order to operate under the Insurance Act, administered by MAS. BDIC’s operations are also designed to align with Singapore’s broader digital asset statutes, including the Payment Services Act 2019 (PSA) and the Financial Services and Markets Act 2022 (FSMA), which govern digital payment token services, including custody.
Cross-border insurance carries jurisdiction-specific obligations, and BDIC is structuring its global offering to satisfy local mandates in the jurisdictions where its policyholders reside, but also for global reach. While the Singapore hub is intended to serve as the primary underwriting engine, BDIC intends to serve policyholders in other jurisdictions through structured reinsurance partnerships, risk ceding, or partnerships with admitted local carriers in Europe, for instance. BDIC is also implementing asset valuation protocols that include independent custody verification and cold-to-hot wallet storage ratios consistent with international auditing standards, where applicable.
Chief Risk and Compliance Officer, CRCO Adriano Raimondi, added, “The reason for strict compliance and regulation is to protect consumers, policyholders, and the industry as we forge into the digital asset insurance space. These controls will create the next version of traditional finance, a stable environment in which consumers and businesses alike can operate globally. MAS guidelines are an example of what BDIC wanted as a framework from the start.”
Legal and Infrastructure
BDIC’s CEO centered comments around commitment to building its platform on a properly established legal and compliance foundation. Subsequently, the company has engaged Cole-Frieman & Mallon LLP as outside counsel in the United States moving forward accordingly.
“Insurance is an important marker of a mature market. It is time crypto was properly insured, but navigating a complex global regulatory landscape can be challenging for any crypto infrastructure company. We’re excited to assist BDIC with its regulatory compliance so it can grow and scale in this market,” said Daniel Payne, Partner at Cole-Frieman & Mallon LLP.
“We are building a global insurance infrastructure, and that is only credible if the legal foundation is done properly and done first,” said Jeffrey A. Glusman, Chief Executive Officer and Founder of Blockchain Deposit Insurance Corporation. “Retaining counsel of this caliber with actual experience in the digital asset sector is key in navigating the regulatory gauntlet. We would rather be proactive now that there have been considerable advancements in the legislature with more finality around the corner, with MiCA now in force in Europe and US legislation advancing, than be reactive later.”
BDIC Utility Coin
BDIC representatives also confirmed that the BDIC Coin Token Sale is targeted for r the first quarter of 2027. BDIC Coin will be issued by a Cayman Islands Foundation and its British Virgin Islands subsidiary (the minting entity) independently of BDIC, once those entities are established. BDIC Coin will have a total supply of 1.6 billion. BDIC’s insurance reserve is held in non-Coin assets, and BDIC is fully capitalized outside the BDIC Coin allocation. 528 million BDIC Coins (33%) will be allocated as overcollateralization behind pledged assets as a financial backstop. In a liquidity event, the Cayman Islands Foundation and its British Virgin Islands subsidiary would sell these reserve Coins only to support insurance payouts after the pledged assets have been depleted.
BDIC Coin: Intended Utility
BDIC Coin is intended to be used to pay BDIC insurance premiums at a discount. Additional utility may be added in the future. BDIC Coin will not represent equity, debt, ownership interest, or a right to share in BDIC’s revenues or profits. BDIC does not market BDIC Coin as an investment vehicle or promise price appreciation.
BDIC’s disclosure materials, including independent reserve attestation, smart contract audit reports, verified contract addresses, and code repository link, and the final Token Purchase Agreement will be published before the Token Sale. Timing, structure, jurisdictions of availability, and eligibility requirements remain subject to legal, regulatory, business, and technical review and may be modified accordingly.
About Blockchain Deposit Insurance Corporation (BDIC)
Blockchain Deposit Insurance Corporation (BDIC) is a decentralized cryptocurrency deposit insurer founded in 2024 and headquartered in Hong Kong, with additional offices planned in Switzerland, South America, and Europe. BDIC has adopted a digital twin business model, compared to the FDIC deposit insurance model, for digital assets, providing coverage against hacks, exploits, and theft through smart contract-automated claims.
BDIC’s product line includes Standard Crypto Deposit Insurance (Standard tier: $0 to $10,000; Preferred tier: $10,000 to $20,000), HNW coverage $50K+; StableCover Pro for stablecoin reserves held by funds, DAOs, and corporate treasuries; AgentCoverPro for AI agent payment systems and autonomous transaction infrastructure; and VaultCoverPro for self-custody holders.
The company was founded by Chief Executive Officer Jeffrey A. Glusman, a former Merrill Lynch executive, and is led by a team drawn from traditional finance, federal banking supervision, and enterprise cloud security.
Learn more at BDICinsurance.com, or read the BDIC Litepaper.
Media Contact
BDIC
Liam Nguyen
Chief Marketing Officer
Blockchain Deposit Insurance Corporation (BDIC)
Email: [email protected]
Website: BDICinsurance.com
BDIC Bulletin: BDICinsurance.com/the-bulletin
Newsroom: https://bdicinsurance.com/the-bdic-blog/
LinkedIn: linkedin.com/company/blockchain-deposit-insurance-corporation
Telegram: t.me/BDICInsurance
Instagram: instagram.com/bdicinsurance
Cole-Frieman & Mallon LLP
Ian Potts
Chief Marketing Officer
Cole-Frieman & Mallon LLP
Email: [email protected]
Non-Investment Disclaimer
BDIC does not market BDIC Coin as an investment or financial instrument. BDIC does not promise or guarantee token price appreciation, dividends, or profit distributions. Purchasers should not expect returns from appreciation in the value of BDIC Coin and should consider the token only for its described utility.
Important Notice
This announcement and BDIC’s litepaper, whitepaper, and prior informational materials are provided for general informational purposes only. They do not constitute an offer to sell, or a solicitation of an offer to buy, any digital asset, security, insurance product, or other financial instrument. No offering will be made except pursuant to applicable legal and regulatory requirements.
The proposed utility token offering remains subject to legal, regulatory, business, and technical review and may be modified or delayed to comply with applicable requirements. No representation is made regarding the future value, availability, liquidity, or regulatory classification of any proposed digital asset. Statements regarding licensing applications, regulatory engagement, and anticipated timing are forward-looking and are not assurances that any license, approval, or registration will be granted.
Last modified: October 20, 2026
