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Custody Provider Liminal Receives Approval in Abu Dhabi as it Expands to Middle East

Liminal, a leading Singapore-based custody services provider, has achieved a significant milestone in its global expansion journey with regulatory approval in Abu Dhabi.

The company’s subsidiary, First Answer Middle East, received the first Financial Services Permission (FSP) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA), marking a pivotal moment in its strategic expansion into the Middle East region.

Liminal Looking Beyond The Asia Market

With the digital assets market booming, ensuring security and compliance is crucial. That’s why we’re thrilled to announce that Liminal’s Middle East entity, First Answer Middle East Limited, has secured the prestigious FSP license from @ADGlobalMarket, marking a significant… pic.twitter.com/kzbR5AB3Ct

— Liminal Custody Solutions (@liminalcustody) May 13, 2024

This regulatory approval highlights Liminal’s commitment to establishing a solid presence beyond its Asian home base. With an eye on serving institutional clients, Liminal has strategically positioned itself to navigate the complex regulatory dynamics of key markets across the Asia Pacific (APAC) and the Middle East and North Africa (MENA) regions.

Two years ago, the company embarked on a meticulously planned initiative under the strategic guidance of Manan Vora, Liminal’s Senior Vice President of Strategy and Business Operations. This initiative aimed to secure regulatory licenses in strategic markets across APAC and EMEA (Europe, Middle East, and Africa). Aligning with this, Manan Vora, senior vice president of strategy and business operations, emphasized;

“We initiated a strategic drive two years ago to secure regulatory licenses in key markets across APAC and EMEA (Europe, Middle East and Africa), strategically positioning ourselves to cater to institutional clients.”

This proactive approach has enabled Liminal to expand its technology-driven solutions into regulatory victories, focusing on enhancing its presence in Europe and Taiwan. Vora continued,

“Our strategic vision is to expand from our present technology presence in Europe and Taiwan to pushing for regulatory victories there. In Indonesia, we are already working as a technology provider for the nation’s sovereign digital asset exchange.”

The recent regulatory successes extend beyond Abu Dhabi, with Liminal securing initial approvals for its Dubai entity, First Answer Custody FZE, from the emirate’s Virtual Asset Regulatory Authority (VARA). Liminal has also been proactive in its home market of Singapore, where it provided custody solutions before introducing new licensing requirements in April.

Leveraging its existing expertise, Liminal seamlessly transitioned into compliance with the new guidelines and has initiated the process of applying for a license from the Monetary Authority of Singapore (MAS).

With a strong foundation established in regulatory compliance and a commitment to innovation, Liminal is well-positioned to drive further growth and expansion in the dynamic landscape of digital asset custody.

India Becoming More Crypto-Friendly

Liminal’s Indian subsidiary, First Answer India Technologies, has also been registered as a reporting entity, making it the first digital asset custodian registered with India’s Financial Intelligence Unit (FIU).

In an exclusive interview with CryptoNews last December, Manhar Garegrat, the Country Head for India and Global Partnerships of Liminal Custody, discussed the regulatory landscape in India and the collaboration between the Indian government and the crypto industry.

The Indian government’s journey from advocating for a complete crypto ban to endorsing self-regulation among crypto players signifies a significant progression. Manhar highlights this shift and emphasizes the positive development, with the central bank now encouraging industry-established Self-Regulatory Organizations (SROs).

The Financial Intelligence Unit of India (FIU-IND) also recently revealed that Binance and KuCoin successfully registered with the regulatory body and can now operate again. These two exchanges were among several crypto exchanges that were banned last year, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Since India is gradually becoming more crypto-friendly, it will promote innovation and allow other exchanges to continue operating.

The post Custody Provider Liminal Receives Approval in Abu Dhabi as it Expands to Middle East appeared first on Cryptonews.

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