Liminal, a custody services provider based in Singapore, has achieved a significant milestone in its global expansion journey by receiving regulatory approval in Abu Dhabi. Its subsidiary, First Answer Middle East, secured the first Financial Services Permission (FSP) from the Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA), marking a strategic move into the Middle East region. This approval showcases Liminal’s commitment to establishing a solid presence beyond its Asian home base and serving institutional clients. With an eye on navigating complex regulatory dynamics in key markets across Asia Pacific (APAC) and the Middle East and North Africa (MENA) regions, Liminal has been proactive in positioning itself for success.
Under the strategic guidance of Manan Vora, Senior Vice President of Strategy and Business Operations at Liminal, the company embarked on a meticulously planned initiative two years ago to secure regulatory licenses in strategic markets across APAC and EMEA. Vora emphasized the strategic vision of expanding Liminal’s technology-driven solutions into regulatory victories in Europe and Taiwan, with promising developments already underway in Indonesia as a technology provider for the nation’s sovereign digital asset exchange. Liminal has also secured initial approvals for its Dubai entity from the emirate’s Virtual Asset Regulatory Authority, showcasing further progress in regulatory compliance and expansion efforts.
In Singapore, Liminal has been proactive in adapting to new licensing requirements introduced in April by providing custody solutions before initiating the process of applying for a license from the Monetary Authority of Singapore (MAS). Leveraging its existing expertise in regulatory compliance and a commitment to innovation, Liminal is well-positioned to drive further growth and expansion in the digital asset custody landscape. The company’s strategic approach to securing regulatory licenses and expanding its global presence highlights its dedication to serving institutional clients and navigating regulatory challenges in key markets.
In addition to its global expansion efforts, Liminal’s Indian subsidiary, First Answer India Technologies, has been registered as a reporting entity, making it the first digital asset custodian registered with India’s Financial Intelligence Unit (FIU). In an exclusive interview, Manhar Garegrat, the Country Head for India and Global Partnerships of Liminal Custody, discussed the regulatory landscape in India and the collaborative efforts between the Indian government and the crypto industry. The shift from advocating for a complete crypto ban to endorsing self-regulation among industry players signifies significant progress in India’s approach to cryptocurrency regulation.
The Indian government’s support for industry-established Self-Regulatory Organizations (SROs) and the recent registrations of Binance and KuCoin with the Financial Intelligence Unit of India reflect a turning point in the country’s crypto-friendly stance. As India gradually becomes more crypto-friendly, it is expected to promote innovation and allow for the continued operation of crypto exchanges. By remaining proactive and innovative in both its global expansion and regulatory compliance efforts, Liminal is poised to further drive growth and establish itself as a key player in the evolving digital asset custody landscape.
