Liminal secures ADGM In-Principle Approval
ABU DHABI, November 23, 2023
Liminal, a digital asset custody provider, has received an In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets.
This achievement reflects Liminal's dedication to meeting the surging demands of the digital asset industry while upholding the highest regulatory standards.
The IPA is not the actual licence, but it serves as an important milestone in Liminal’s journey. Liminal is working diligently to fulfil all the IPA conditions and meet FSRA's stringent requirements to receive the Financial Services Permission (FSP).
Receiving the FSP from the FSRA will empower Liminal in extending its services as a trusted and reliable custodian for Virtual Assets within the ADGM jurisdiction and serve the broader Mena region.
Earlier this year, in May, Liminal achieved another milestone by obtaining the TCSP Licence from the Hong Kong Companies Registry, enabling regulated digital asset custodial services in Hong Kong.
Manan Vora, Senior VP of Strategy & Business Operations at Liminal, said: "ADGM has established itself as a thriving hub for innovation, growth, and maturation of the Web3 ecosystem. Their dedication to formulating clear and comprehensive regulations has created a trusted and secure environment for investors and Web3 enterprises.
“Recognising the escalating demand for secure custody services in the Mena region, we took this strategic step to cater to the industry's evolving needs. The IPA marks a significant leap forward in our mission to provide institutional-grade custody services for the digital asset industry. We are genuinely thrilled to contribute to the growth of this emerging market. After setting up an entity in Abu Dhabi, our next step is to obtain the FSP, and work closely with the ADGM team to provide regulated custody operations.”
Arvind Ramamurthy, Chief of Market Development at ADGM, said: “This paves the way for them to become fully operational in ADGM as a premier custody provider for virtual assets. As an international financial centre of the UAE’s capital, ADGM’s vision for fostering a dynamic and trusted financial ecosystem prioritises upholding the highest standards of security, innovation, and regulatory compliance.
“Liminal’s capabilities and dedication align seamlessly with ADGM’s goals and reinforce our commitment to driving the growth of the digital asset space in Abu Dhabi and beyond. We anticipate witnessing Liminal's positive impact on the market and its contribution to the advancement of virtual asset services.”
In its commitment to delivering regulated and compliant custody solutions in the Middle East, Liminal has welcomed Dr Bhaskar Dasgupta, Veteran Business Strategist, to Its Board in Abu Dhabi. Dr Dasgupta is highly regarded for his contributions to ADGM, and has been instrumental in revolutionising cryptocurrency regulation on a global scale. In the past, he has also held distinguished positions as the Chief Operating Officer of UK Export Finance and held leadership positions at esteemed financial institutions, including HSBC, ABN AMRO, Citigroup, and PwC.--TradeArabia News Service