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Custody provider Liminal has won the Abu Dhabi Award for recognition as a regulated institutional operating custodian in the Middle East.
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Singapore - Headquartered companies are now in play with support from the Middle East and India and their headquarter regulators.
Liminal, a Singapore-based provider of custody services, has won regulatory approval in Abu Dhabi, taking another step forward in its expansion outside of its headquarters, a representative told CoinDesk in an interview on Monday.
The firm’s First Answer Middle East subsidiary received a Financial Services Permit (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) on Thursday, allowing it to provide custody in the region. It was granted in-principle approval last year.
Liminal has seen a series of regulatory positives in the Asia Pacific (APAC) and Middle East and North Africa (MENA) regions over the past few weeks. Late last month, its Dubai entity First Answer Custody FZE, the security received initial approval from the Emirate’s Virtual Asset Regulatory Authority (VARA). Liminal’s Indian subsidiary First Answer India Technologies also registered as a reporting entity.
"We initiated a strategic initiative two years ago to secure regulatory licenses in key markets in APAC and EMEA (Europe, Middle East and Africa) to strategically position 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 demonstrated technology presence in Europe and Taiwan to drive regulatory wins there. In Indonesia, we have become the technology provider for the country's sovereign digital asset exchange."
Last week, an official from India’s Financial Intelligence Unit (FIU) told CoinDesk that Liminal has been registered as a reporting entity in the country’s unit. This makes it the first digital asset custodian to register with the FIU, company representatives said. In November, the country’s Prime Minister’s Central Police Office, the Central Police Office for Investigation (CIB), appointed Liminal to manage seized digital assets.
Liminal has also been active at home. When Singapore introduced new licensing requirements for custody solutions provider in April, Liminal was already providing custody solutions and was therefore included in the new guidelines. The arrangement lasts for six months. Liminal has informed the monetary authority, the Monetary Authority of Singapore (MAS), that it has started the process to apply for a license.