Unlocking New Markets: Liminal’s Regulatory Milestone in Abu Dhabi
Liminal, a prominent custody services provider based in Singapore, has achieved a significant milestone in its global expansion efforts by obtaining regulatory approval in Abu Dhabi. The company’s subsidiary, First Answer Middle East, has secured the first Financial Services Permission (FSP) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). This achievement marks a crucial step in Liminal’s strategic expansion into the Middle East region.
Liminal’s Strategic Expansion Strategy
With the digital assets market witnessing rapid growth, ensuring security and compliance has become paramount. Liminal’s Middle East entity, First Answer Middle East Limited, has successfully obtained the prestigious FSP license from ADGM, signifying a significant milestone in the company’s expansion strategy beyond the Asian market.
- Commitment to establishing a solid presence beyond Asia.
- Strategic positioning to serve institutional clients.
Strategically Positioned for Success
Liminal has strategically positioned itself to navigate the complex regulatory landscape of key markets in the Asia Pacific (APAC) and Middle East and North Africa (MENA) regions. The company embarked on a meticulously planned initiative two years ago under the guidance of Manan Vora, Senior Vice President of Strategy and Business Operations, aiming to secure regulatory licenses in strategic markets across APAC and EMEA regions.
- Focus on regulatory licenses in key markets across APAC and EMEA regions.
- Expansion strategy aligned with serving institutional clients.
Expansion into Europe and Taiwan
Liminal’s proactive approach has enabled the company to expand its technology-driven solutions into regulatory victories, focusing on enhancing its presence in Europe and Taiwan. The strategic vision is to transition from a technology presence to regulatory victories in these regions, with ongoing work as a technology provider for Indonesia’s sovereign digital asset exchange.
- Expansion of technology-driven solutions into regulatory victories.
- Focus on enhancing presence in Europe and Taiwan.
Regulatory Success Beyond Abu Dhabi
Liminal’s recent regulatory successes extend beyond Abu Dhabi, with initial approvals secured for its Dubai entity, First Answer Custody FZE, from the emirate’s Virtual Asset Regulatory Authority (VARA). The company has also been proactive in Singapore, adapting to new licensing requirements and initiating the process of applying for a license from the Monetary Authority of Singapore (MAS).
- Expansion into Dubai with initial approvals from VARA.
- Adapting to new licensing requirements in Singapore.
India’s Evolving Crypto Landscape
Liminal’s Indian subsidiary, First Answer India Technologies, has been registered as a reporting entity with India’s Financial Intelligence Unit (FIU), becoming the first digital asset custodian registered with FIU. The regulatory landscape in India is evolving, with the Indian government shifting from advocating a crypto ban to endorsing self-regulation among crypto players.
Positive Developments in India
India’s progression towards a more crypto-friendly stance signifies a positive development, with the central bank encouraging industry-established Self-Regulatory Organizations (SROs). Recently, the Financial Intelligence Unit of India (FIU-IND) announced the reinstatement of two crypto exchanges, paving the way for more exchanges to operate in the country.
- Shift towards self-regulation in the crypto industry.
- Reinstatement of banned crypto exchanges in India.
Hot Take: Embracing New Opportunities in Regulatory Compliance
As Liminal expands its global footprint and navigates diverse regulatory landscapes, the company’s commitment to regulatory compliance and innovation positions it for continued growth and success in the dynamic digital asset custody industry.
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