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 Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro Read this Term for the nation's sovereign digital asset exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term."

Singapore-based custody solutions provider @liminalcustody has won the Abu Dhabi regulator's approval to operate as a regulated custodian within the Middle East, days after a regulatory win in India. By @amitojhttps://t.co/IdbIbuwq2Q

— CoinDesk (@CoinDesk) May 13, 2024

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.

Amir Tabch, CEO of Liminal Custody Solutions Middle East and Senior Executive Officer of the Category 3C ADGM-regulated entity First Answer Middle East Limited, remarked: "Earning the ADGM FSP license is a clear indicator of Liminal's ironclad dedication to compliance and innovation. This achievement not only positions us at the forefront of digital asset custody but also signals our pivotal role in its future evolution."