Liminal, a wallet infrastructure and digital asset custodial service provider, has achieved a significant milestone by obtaining the Trust or Company Service Provider (TCSP) License from the Hong Kong Companies Registry. This license solidifies Liminal’s position as a top-tier custodian in the Asia-Pacific (APAC) region and enables the company to offer regulated digital asset custodial services in Hong Kong.
Hong Kong, known as one of the world’s most vibrant financial centers and a hub for digital asset transactions, presents a promising market for Liminal.
The TCSP License empowers Liminal to provide its clients with a comprehensive suite of solutions, including wallet infrastructure, institutional-grade custody services, wallet automation, and more. The company aims to cater to a diverse range of clients such as exchanges, hedge funds, family offices, and high-net-worth individuals.
Manan Vora, Senior Vice President of Strategy and Business Development at Liminal, said: “We are thrilled to have obtained the TCSP License, which is a testament to our commitment to regulatory compliance and best practices in digital asset custody.”
“With the rapidly growing adoption of digital assets and currencies, the need for secure and reliable custodial solutions has become paramount. Hong Kong is a strategic location for us, and we look forward to serving the growing demand for secure and reliable digital asset custody,” Manan added.
The TCSP License, issued under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance by the Hong Kong Companies Registry, marks Liminal as a fully regulated entity offering comprehensive custody services.
To acquire the license, Liminal Custody Solutions underwent rigorous due diligence and compliance procedures, including stringent checks of Anti-Money Laundering (AML) policies, the appointment of a compliance and money laundering officer, and an interview with the authorities.
The attainment of this license showcases the company’s expertise, experience, and professionalism in the digital asset custodial space.
In addition to the TCSP License, Liminal has bolstered its commitment to security and compliance by obtaining several certifications. These include ISO 27001 and 27701 certifications, SOC 2 Type II certification, and CryptoCurrency Security Standard (CCSS) compliance-QSP Level 3, the highest standard in wallet keys and operations management.
With the TCSP License and its array of certifications, Liminal is well-prepared to meet the increasing demand for digital asset custodial services in Hong Kong and beyond. The company’s expanding global presence also positions it to lead the institutional custody adoption in the APAC and MENA (Middle East and North Africa) regions.
Liminal has achieved significant growth in the digital assets industry. The company recently announced that it has processed transactions totaling $5.6 billion and has over $550 million worth of assets under protection. This achievement is particularly noteworthy considering the industry’s downturn, showcasing Liminal’s ability to expand its customer base at a CAGR of 178% and increase gross revenue from customers at a CAGR of 73.5% over the past two years.
Liminal’s achievement of the TCSP License and its dedication to regulatory compliance not only strengthen its own position as a custodial service provider but also contribute to the growth and development of the digital asset industry in Hong Kong. As the adoption of digital assets continues to surge, Liminal stands ready to offer secure and reliable custodial solutions to ensure the safety and growth of its clients’ digital assets.