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Custody Provider Liminal Gets Approval in Abu Dhabi

Last Updated on July 5, 2024 by Hamza Khan

Liminal, a Singapore-based custody services provider, achieved a significant milestone in its international expansion with regulatory approval in Abu Dhabi. According to representatives interviewed by CoinDesk, the firm’s subsidiary, First Answer Middle East, received a Financial Services Permission (FSP) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).

Regulatory Approvals in Key Markets

This approval allows the company to provide custody services in the region. It’s worth noting that the subsidiary received preliminary approval last year.

Moreover, Liminal has experienced regulatory successes in the Asia-Pacific (APAC) and Middle East-North Africa (MENA) regions. The company has been actively seeking regulatory approvals across multiple jurisdictions. 

According to the company’s Senior Vice President of Strategy and Business Operations, Mana Vora, the company launched a strategic initiative two years ago to secure regulatory licenses in key markets across APAC and EMEA (Europe, Middle East, and Africa). In addition, Liminal’s Dubai-based entity, First Answer Custody FZE, recently got initial approval from the emirate’s Virtual Asset Regulatory Authority.

More recently, an official from India’s Financial Intelligence Unit (FIU) informed CoinDesk that Liminal’s Indian unit had achieved registration as a reporting entity, making it the first digital asset custodian to be registered with the FIU, as confirmed by company representatives. s.

In April, the Monetary Authority of Singapore (MAS) introduced new licensing requirements for custody solutions providers in Singapore. Liminal, already providing custody solutions, was grandfathered into the new guidelines for a six-month period. Liminal has informed the MAS that the license application process has commenced.

Liminal Partners with XREX 

A few weeks ago, XREX partnered with Liminal to strengthen the custodial firm. XREX is popular for its strong cybersecurity service in Asia. It offers secure and compliant cross-border solutions and digital asset exchange services to businesses in the region. 

Final Words

Liminal has added Abu Dhabi to its list of countries it has regulatory approvals. This lets the firm expand to Abu Dhabi.

Frequently Asked Questions 

What is Decentralized Custody?

Decentralized custody focuses on user control and eliminates the requirement for a trusted intermediary.

Where is the Headquarters of Liminal Custody?

The headquarters is in Singapore.

What is the Turnaround Time for Observing My Transactions on the Liminal Custody Blockchain?

The time it takes to view transactions on the blockchain can vary based on factors such as network congestion and the gas fee allocated for the transaction.

How can I Reset my 2FA on Liminal Custody?

If for some reason, you accidentally delete it, please contact customer support. They will guide you through the verification process and help you reset your 2FA securely.

How can I Change my Transaction Limit on Liminal Custody>

You need to contact the custody team if you want to change the transaction limit you have set. They can review the policy in the admin panel and adjust your transaction limit accordingly.

What is Managed Custody?

Managed Custody is a service where Liminal assumes responsibility for the safekeeping of digital assets, holding the private keys on behalf of your organization.

Who should use Managed Custody?

Managed Custody is ideal for institutional companies and investors who prefer not to manage the security and daily operations of their digital assets. These entities prefer to delegate these tasks to certified, licensed, and compliant experts.

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