“We are pleased to receive VARA’s preliminary approval. This achievement underscores our commitment to meeting the needs of our clients while adhering to the highest regulatory standards. We look forward to working with VARA to complete our operations and commence regulated custody services as soon as possible.”
Liminal has received preliminary approval from Dubai’s virtual assets regulator, VARA, through its Dubai entity, First Answer Custody FZE.
The digital asset custody and wallet infrastructure solutions provider will now work towards obtaining a full Virtual Asset Service Provider License from VARA to become a trusted virtual asset custodian within the UAE.
Liminal hopes to start regulated custody services soon
Amir Tabch, CEO of Liminal Custody Solutions Middle East, said: "We are delighted to have received VARA's preliminary approval. This achievement underscores our commitment to meeting the needs of our clients while adhering to the highest regulatory standards. We look forward to working with VARA to complete our operations and commence regulated custody services as soon as possible."
Once Liminal obtains a full VASP license, the team will oversee its custody operations in the Middle East, which includes overseeing compliance and security protocols, risk management and audit procedures to protect client assets.
In March this year, Liminal Custody Solutions launched its institutional custody product to meet the growing demand from institutional investors for secure and compliant digital asset management solutions. The digital asset custody and wallet infrastructure provider in the Asia Pacific and MENA regions has launched a product that meets today’s needs with a full suite of security and compliance features.
Key features of Liminal’s institutional managed offering include FIPS-certified hardware appliances, SOC 2 Type II, ISO 27001 and 27701, and CCSS Level 3 certifications, regular penetration testing, segregated accounts, proof of reserves reporting and off-balance sheet storage, multi-signature and MPC technology, and a proprietary firewall engine.
Liminal provides custom workflows for transaction risk analysis, threshold monitoring, and compliance with Anti-Money Laundering (AML) and Travel Rules. The institutional custody solution targets exchanges, family offices, OTC desks, hedge funds, venture capital and private equity funds, and corporate treasuries.