Should cryptocurrency traders be covered for the risk? In a further step towards integration into mainstream financial institutional policy, several insurers have thought the answer must be yes. Major companies researching into cryptocurrencies include Lloyd\'s of London and AIG, who began looking at the potential for theft coverage as long ago as 2014. But so far, apart from a handful of such policies, the idea is still in the exploratory phase, as premiums would be too high.

The XL Catlin company, who have developed a Bitcoin theft insurance, offer a crime coverage policy for up to $25m per incident. In such a new field, though, they had no precedents to go on, so the firm effectively became an industry leader in crypto-expertise by talking to the new tech\'s key players, and identifying a potential client base.

The relatively recent KYC policies (Know Your Customer) have also had a big influence on insurers, since cryptocurrency trading by its nature is often anonymous. Before any kind of insurance could even be contemplated, the customer would have to be identified, and dodgy clients sifted out from the real deal. While part of crypto\'s raison d\'être is privacy, to get insurance they would have to be honest and transparent when answering compliance questions. This might take the dodgy customers by surprise and immediately rule them out.