Custody Provider Liminal Wins Approval in Abu Dhabi as It Extends Expansion in Asia

The company has also secured registrations in India and Dubai.

AccessTimeIconMay 13, 2024 at 9:49 a.m. UTC
Updated May 13, 2024 at 9:51 a.m. UTC
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  • Custody provider Liminal won Abu Dhabi's approval to operate as a regulated custodian within the Middle East.
  • The Singapore-headquartered company is now functioning with regulators' blessings in the Middle East and India as well as its home base.

Liminal, a Singapore-headquartered provider of custody services, won regulatory approval in Abu Dhabi as its expansion outside its home base takes another step forward, its representatives told CoinDesk in an interview Monday.

The firm's First Answer Middle East subsidiary received the Financial Services Permission (FSP) from the Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA) on Thursday, allowing it to provide custody in the region. It was granted in-principal approval last year.

In the past few weeks, Liminal has seen a series of regulatory positives in the Asian Pacific (APAC) and Middle East and North Africa (MENA). Late last month, its Dubai entity, First Answer Custody FZE, secured initial approval from the emirate's Virtual Asset Regulatory Authority (VARA). Liminal's Indian subsidy, First Answer India Technologies, is also registered as a reporting entity.

"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," said Manan Vora, senior vice president of strategy and business operations. "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."

Last week, an official of India's Financial Intelligence Unit (FIU) told CoinDesk that Liminal's unit in the country had been registered as a reporting entity. That makes it the first digital asset custodian registered with the FIU, company representatives said. In November, the nation's premier investigating police agency, the Central Bureau of Investigation (CBI), appointed Liminal to manage seized digital assets.

Liminal has also been active at home. When Singapore introduced new licensing requirements for custody solutions providers in April, Liminal was already providing custody solutions and was thus grandfathered into the new guidelines. That arrangement lasts for six months. Liminal has notified the Monetary Authority of Singapore (MAS) that it has begun the process of applying for a license.

Edited by Sheldon Reback.

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Amitoj Singh

Amitoj Singh is a CoinDesk reporter.


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