Quick Take
Liminal, a digital asset custody provider, has been granted an In-Principle Approval by the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, paving the way for it to operate as a trusted custodian for virtual assets in the MENA region. This achievement underscores Liminal’s dedication to meeting stringent regulatory standards and its commitment to security and innovation in the crypto custody space.
Liminal, a rapidly growing digital asset custody and wallet infrastructure provider, has received an In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets. While the IPA is not the final license, it represents a significant milestone in Liminal’s journey towards becoming a trusted custodian for digital assets. The company is diligently working to fulfill all IPA conditions and meet FSRA’s stringent requirements to receive the Financial Services Permission (FSP).
Abu Dhabi has a sophisticated regulatory framework for crypto assets, making it an attractive location for service providers in the rapidly growing fintech landscape of the Middle East. Receiving the FSP from FSRA will empower Liminal to extend its services as a custodian for Virtual Assets within the ADGM jurisdiction and serve the broader MENA region.
Liminal has already achieved a milestone by obtaining the TCSP License from the Hong Kong Companies Registry earlier in the year, enabling regulated digital asset custodial services in Hong Kong. The company appreciates FSRA’s well-designed regulatory framework and is committed to upholding the highest security, transparency, and operational integrity levels in its custody operations.
When Liminal secures the FSP, it will play a vital role in the Web3 ecosystem in the UAE, expanding its product and service offerings for the MENA region. Clients can expect state-of-the-art security protocols, multi-signature authentication, cold storage facilities, and round-the-clock customer support to ensure the utmost protection of their digital assets.
Liminal’s Senior VP of Strategy & Business Operations, Manan Vora, expressed enthusiasm about the IPA and its significance in providing institutional-grade custody services for the digital asset industry in the region.
Arvind Ramamurthy, Chief of Market Development at ADGM, praised Liminal’s commitment and anticipates its positive impact on the market.
To further strengthen its commitment to delivering regulated and compliant custody solutions in the Middle East, Liminal has appointed Dr. Bhaskar Dasgupta, a Veteran Business Strategist, to its Board in Abu Dhabi. Dr. Dasgupta’s expertise and experience will contribute to Liminal’s mission to elevate the digital asset landscape.
Liminal has built a robust infrastructure prioritizing security, compliance, and operational excellence, leveraging automation and stringent security protocols to safeguard virtual assets. The company remains dedicated to staying at the forefront of innovation in the digital asset custody space and enhancing its offerings to meet evolving client needs.
Read Also: CBI Entrusts Liminal Custody Solutions For Secure Non-custodial Storage Of Seized Digital Assets
