As cryptocurrencies become more mainstream and prevalent, government agencies around the world are increasingly tasked with investigating and prosecuting crimes related to digital assets. With this growing importance of cryptocurrencies, there is also a rising need for secure custody solutions to manage seized digital assets in a non-custodial manner. One company, Liminal, is stepping up to this challenge and has been appointed by a leading cybercrime investigation agency in India to provide self-custody infrastructure for seized digital assets, demonstrating the importance of secure crypto custody services for government agencies.
Liminal, a digital wallet infrastructure platform based in Singapore, has been appointed by a premier investigation agency in India to manage seized cryptos in a non-custodial manner securely.
As part of the partnership, Liminal will empower the agency with secure storage of cryptos, which they impound under their investigations.
The agency is recognized as a leading government entity in the adoption of self-custody and blockchain technology in India, having already implemented this technology long before the FTX incident. A separate digital wallet will be created for every case that the agency investigates involving digital assets.
Once the investigation is complete, the agency can take necessary actions without the need to involve Liminal, as they hold full control over the assets.
The agency’s incharge of the cybercrime branch said the biggest challenge with centralized exchanges is that the keys are not in their control, and they were looking for a tech-savvy solution to be able to seize any assets under investigation without the involvement of a third party. Liminal provides multiple levels of approval within the officers of India’s premier investigation agency, ensuring smooth and secure custody of digital assets.
“It is a matter of great pride for us to partner with one of the leading investigating agencies of India,” states Liminal SVP of Strategy & Operations, Manan Vora. “Our association with the agency feels like we are serving the country and doing our bit towards nation-building.”
The company has created strong SOPs for the Indian cybercrime agency, which will enable smooth and secure custody of digital assets with multiple levels of approval within the officers of India’s premier investigation agency, Liminal told AlexaBlockchain.
Liminal was selected after the agency evaluated several organizations through a series of technical and commercial evaluations. Liminal went through a concierge onboarding service, setting up devices and performing test transactions at the agency’s premises.
Liminal provides multi-signature and multi-party computation (MPC) to provide secure, efficient, and compliant access to digital assets, and its operational excellence framework provides efficient fee management, transaction confirmation guarantees, and seamless onboarding, saving businesses significant development costs.
Liminal’s unified interface ensures the same wallet management experience across multiple blockchains. Its proprietary regulatory readiness program, which includes anti-money laundering (AML) checks, travel rules, and CCSS-compliant platforms, helps projects fast-track their compliance journey.