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’s
Virtual 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’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 the
Monetary Authority of Singapore of its intent to apply for a license.
This article was written by Tareq Sikder at www.financemagnates.com.
