- Liminal, a Singapore-based custody service provider, has expanded its operations to Abu Dhabi following regulatory approval.
- The company has also recently achieved regulatory success in Dubai and India, further solidifying its presence in the region.
- Liminal’s strategic vision involves extending its regulatory footprint beyond current markets to serve institutional clients globally.
Liminal, a Singaporean custody service provider, has expanded its operations to Abu Dhabi following regulatory approval. This article delves into Liminal’s recent regulatory wins and its strategic vision for global expansion.
Liminal Expands to Abu Dhabi
Liminal, a Singapore-based custody service provider, has successfully expanded its operations to Abu Dhabi. This move was made possible after the company’s subsidiary, First Answer Middle East, received Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This approval allows Liminal to provide custody services in UAE’s second-most populous city.
Recent Regulatory Wins
Over the past week, Liminal has made significant strides in expanding its regulatory footprint. The company has received approval in the Asian Pacific (APAC), Middle East, and North Africa (MENA) regions. Additionally, Liminal’s Dubai arm, First Answer Custody FZE, recently secured initial approval from the emirate’s Virtual Asset Regulatory Authority (VARA).
Strategic Vision for Global Expansion
Manan Vora, Liminal’s Senior Vice President of Strategy and Business Operations, shared that the company initiated a strategic drive two years ago to secure regulatory licenses in key markets across APAC and EMEA. The goal is to strategically position Liminal to cater to institutional clients globally. Vora also revealed Liminal’s plans to extend its technology presence in Europe and Taiwan and secure regulatory approval in these regions. Furthermore, he highlighted Liminal’s role as a technology provider for Indonesia’s “sovereign digital asset exchange.”
First Digital Asset Custodian in India
India’s Financial Intelligence Unit (FIU) disclosed that Liminal’s Indian subsidiary has been registered as a reporting entity, making it the first digital asset custodian to achieve this recognition. This follows Liminal’s appointment by India’s Central Bureau of Investigation (CBI) to manage seized digital assets in November.
Conclusion
Liminal’s recent expansion to Abu Dhabi and regulatory wins in Dubai and India signify the company’s growing presence in the region. With a strategic vision to extend its regulatory footprint globally, Liminal is poised to serve institutional clients on a larger scale. The company’s achievements in securing regulatory licenses and its plans for future expansion underscore its commitment to becoming a global leader in providing custody services.
