Liminal Expands into Asia with Abu Dhabi Approval

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Liminal Expands into Asia with Abu Dhabi Approval
  • Liminal, a Singapore-based custody service provider, expands to Abu Dhabi after regulatory approval.
  • Recent regulatory wins in Dubai and India signify Liminal’s broader regional presence.
  • Strategic vision involves extending regulatory footprint beyond current markets to serve institutional clients globally.

Liminal, a Singapore-based custody service provider, has expanded beyond its shores by attaining regulatory approval in Abu Dhabi. As reported by the company’s spokesperson, Liminal’s subsidiary, First Answer Middle East, has been granted Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). 

In light of this, Liminal can provide custody services in UAE’s second-most populous city, following in-principal approval received last year.

Moreover, the company has witnessed several regulatory advancements over the past week. It has received the green light in the Asian Pacific (APAC), Middle East, and North Africa (MENA) regions. On another positive note, Liminal’s Dubai arm, First Answer Custody FZE, recently secured initial approval from the emirate’s Virtual Asset Regulatory Authority (VARA). 

Speaking on the development, Liminal’s Senior Vice President of Strategy and Business Operations, Manan Vora, noted, “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.”

Vora added that Liminal aims to move beyond its technology presence in Europe and Taiwan to get regulatory approval in these regions. The VP also mentioned Liminal’s involvement as a technology provider for Indonesia’s “sovereign digital asset exchange.”

Meanwhile, India’s Financial Intelligence Unit (FIU) disclosed that Liminal’s Indian subsidiary has been registered as a reporting entity, making it the first digital asset custodian to achieve this recognition. This follows Liminal’s appointment by India’s Central Bureau of Investigation (CBI) to manage seized digital assets in November.

Furthermore, Liminal has been busy on its home front, offering custody solutions in Singapore before the country introduced new licensing requirements in April. As such, it was grandfathered into the new guidelines, an agreement set for six months. Nonetheless, the company has notified the Monetary Authority of Singapore (MAS) of its intention to apply for a license.

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