Liminal, a Singapore-based custody services provider, received regulatory permission in Abu Dhabi, marking a significant advancement in the company’s external development, representatives of Liminal said in a recent interview on Monday.
The Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) granted the company’s First Answer Middle East subsidiary the Financial Services Permission (FSP) on Thursday, enabling it to offer custody in the area. Last year, it received in-principle approval.
Over the last several weeks, Liminal has observed some regulatory successes in the Middle East and North Africa (MENA) and Asia Pacific (APAC).
The Virtual Asset Regulatory Authority (VARA) of the emirate granted initial permission to First Answer Custody FZE, its Dubai subsidiary, late last month. First Answer India Technologies, Liminal’s Indian subsidiary, is likewise registered as a reporting business. The Financial Intelligence Unit (FIU) of India said last week that Liminal’s unit there had registered as a reporting company.
According to firm executives, this makes it the first custodian of digital assets to be registered with the FBI. The Central Bureau of Investigation (CBI), the country’s top investigative police force, designated Liminal in November to oversee digital assets that had been taken into custody.
Manan Vora, senior vice president of strategy and business operations, stated, “We started a strategic drive two years ago to secure regulatory licences in key markets across APAC and EMEA (Europe, Middle East, and Africa), strategically positioning ourselves to cater to institutional clients.” “Our strategic aim is to press for regulatory triumphs in those regions, in addition to expanding our current technical presence in Europe and Taiwan.
We currently serve as the technology supplier for Indonesia’s independent digital asset exchange.”
According to a Financial Intelligence Unit (FIU) official in India last week, Liminal’s unit there has registered as a reporting organisation. According to firm executives, this makes it the first custodian of digital assets to be registered with the FBI. Liminal was assigned by the Central Bureau of Investigation (CBI), the country’s top investigative police agency, in November to oversee digital assets that had been seized.
Liminal has been busy at home as well. Liminal was grandfathered into the new regulations since it was already offering custody solutions before Singapore implemented new licencing criteria for custody solutions providers in April. The duration of that agreement is six months. Liminal has initiated the process of submitting a licence application to the Monetary Authority of Singapore (MAS).