Singapore-based custody services provider, Liminal, has obtained regulatory approvals in Abu Dhabi. Liminal's subsidiary, First Answer Middle East, has been granted Financial Services Permission from the Abu Dhabi Global Market's Financial Services Regulatory Authority.
Regulatory Approvals in Key Markets
This approval enables the firm to offer custody services within the region, marking a crucial step in its international growth. Notably, the subsidiary had received in-principal approval last year.
The company has been pursuing regulatory approvals across various regions. In addition to its success in Abu Dhabi, Liminal's Dubai entity, First Answer Custody FZE, secured initial approval from the emirate'sVirtual Asset Regulatory Authority last month.
"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."
Singapore-based custody solutions provider @liminalcustody has won the Abu Dhabi regulator's approval to operate as a regulated custodian within the Middle East, days after a regulatory win in India. By @amitojhttps://t.co/IdbIbuwq2Q
— CoinDesk (@CoinDesk) May 13, 2024
Singapore's Regulatory Landscape Shift
Furthermore, its Indian subsidiary, First Answer India Technologies, has been registered as a reporting entity, positioning Liminal as the first digital asset custodian registered with India's Financial Intelligence Unit. This development follows Liminal's appointment by India's Central Bureau of Investigation to manage seized digital assets in November.
Back in its home base of Singapore, with the introduction of new licensing requirements for custody solutions providers in April, the company was already providing custody solutions and thus grandfathered into the new guidelines for six months. Liminal has taken steps by notifying theMonetary Authority of Singapore of its intent to apply for a license.
Amir Tabch, CEO of Liminal Custody Solutions Middle East and Senior Executive Officer of the Category 3C ADGM-regulated entity First Answer Middle East Limited, remarked: "Earning the ADGM FSP license is a clear indicator of Liminal's ironclad dedication to compliance and innovation. This achievement not only positions us at the forefront of digital asset custody but also signals our pivotal role in its future evolution."
This article was written by Tareq Sikder at www.financemagnates.com.
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