Abu Dhabi Approves Liminal’s Expansion: A New Era for Crypto Custody Services in the Middle East with Coin Support


Custody Provider Liminal Receives Approval in Abu Dhabi as it Expands to Middle East

Liminal, a prominent Singapore-based custody services provider, has received regulatory approval in Abu Dhabi, marking a significant step in its global expansion strategy. The company’s subsidiary, First Answer Middle East, has been granted the first Financial Services Permission (FSP) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).

Liminal’s expansion into the Middle East signifies its commitment to establishing a strong presence beyond its Asian home base, catering to institutional clients across the Asia Pacific (APAC) and the Middle East and North Africa (MENA) regions.

Liminal Looking Beyond The Asia Market

Two years ago, under the strategic guidance of Manan Vora, Liminal’s Senior Vice President of Strategy and Business Operations, the company initiated a plan to secure regulatory licenses in key markets across APAC and EMEA (Europe, Middle East, and Africa). This proactive approach has enabled Liminal to expand its technology-driven solutions into regulatory victories, enhancing its presence in Europe and Taiwan.

Regulatory Successes Beyond Abu Dhabi

Liminal’s regulatory successes extend beyond Abu Dhabi, with the company securing initial approvals for its Dubai entity, First Answer Custody FZE, from the emirate’s Virtual Asset Regulatory Authority (VARA). In its home market of Singapore, Liminal has been proactive in providing custody solutions before the introduction of new licensing requirements in April. The company is now in the process of applying for a license from the Monetary Authority of Singapore (MAS).

India Becoming More Crypto-Friendly

Liminal’s Indian subsidiary, First Answer India Technologies, has been registered as a reporting entity, marking it as the first digital asset custodian registered with India’s Financial Intelligence Unit (FIU). The Indian government’s shift from advocating for a complete crypto ban to endorsing self-regulation among crypto players signifies a significant progression. The Financial Intelligence Unit of India (FIU-IND) has also revealed that Binance and KuCoin have successfully registered with the regulatory body and can now operate again.

Conclusion

With a strong foundation established in regulatory compliance and a commitment to innovation, Liminal is well-positioned to drive further growth and expansion in the dynamic landscape of digital asset custody. As countries like India become more crypto-friendly, the opportunities for innovation and growth in the crypto industry continue to expand.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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