Abu Dhabi, Abu Dhabi, May 14th, 2024, Chainwire
Liminal Custody, a leading provider of digital asset custody and wallet infrastructure solutions, announced a landmark achievement today, the acquisition of Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). This prestigious license is a significant milestone in Liminal's journey, solidifying its commitment to regulatory compliance and innovation within the burgeoning digital asset space.
Obtaining the FSP positions Liminal as a trusted partner for institutions seeking secure and compliant solutions for safeguarding their valuable digital assets. Notably, the license grants Liminal the ability to operate as a regulated custodian within the Middle East, a rapidly growing financial hub. This expansion broadens Liminal's reach and allows it to serve a wider range of clientele seeking best-in-class digital asset custody solutions.
Building Trust Through Regulatory Compliance
Mahin Gupta, Founder of Liminal Custody, expressed his satisfaction with the achievement, stating, "We are honored to receive the ADGM FSP license. This accomplishment represents the culmination of significant effort on behalf of our entire team, all dedicated to upholding the highest regulatory standards. Building trust within the digital asset industry, which is undergoing rapid evolution, is a core tenet of our mission. The ADGM FSP license serves as a powerful validation of our commitment to compliance. We are confident that this achievement will further empower us to deliver best-in-class custody solutions to our clients, ensuring the continued security and integrity of their digital asset holdings."
The Symbiosis of Compliance and Innovation
The digital asset industry is experiencing exponential growth, with a corresponding demand for regulatory clarity to foster long-term stability and mainstream adoption. Liminal believes that a robust regulatory framework, when coupled with continuous innovation, is the cornerstone for building a secure and thriving digital asset ecosystem. By adhering to stringent regulations, Liminal ensures the safety and security of client assets, while its unwavering commitment to innovation allows it to develop cutting-edge solutions that address the evolving needs of the digital asset landscape. This two-pronged approach – prioritizing both regulatory compliance and technological advancement – positions Liminal as a leader in the digital asset custody space.
Commenting on Liminal achievement, Arvind Ramamurthy, Chief of Market Development at ADGM said: " We congratulate Liminal on completing its licensing process and receiving the required Financial Services Permission (FSP) from the FSRA of ADGM. Liminal’s focus on regulatory compliance and innovative solutions in the space of digital assets aligns with ADGM’s vision for fostering a dynamic and trusted financial ecosystem that prioritizes upholding the highest standards of security and innovation. We look forward to witness Liminal’s contribution to the growth of the digital asset industry in Abu Dhabi and beyond.”
Amir Tabch, CEO of Liminal Custody 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. By equally valuing regulatory compliance and technological progress, we aim to equip institutions with the confidence to explore the digital asset realm, tapping into its vast, transformative potential. This milestone is a springboard for Liminal's continued growth and a significant contribution towards the digital asset industry's maturity."
About Liminal Custody
Liminal is a compliant and insured digital asset custody and wallet infrastructure provider that provides both MPC wallets and multi-sig wallets. Launched in April 2021, Liminal is a CCSS Level 3, SOC Type 2 and ISO 27001 & 27701 certified organization. Liminal is based in Singapore, has operations spread across APAC MENA and Europe, along with offices in Singapore, India and UAE.
Liminal takes pride in supporting businesses with their qualified and insured digital asset custody platform, which enables stress-free safekeeping of digital assets for institutions. Liminal also provides a cutting edge wallet infrastructure platform that is secure, compliant and automated and comes with a plug-and-play architecture for faster onboarding of developers, business partners and government agencies.
About Abu Dhabi Global Market (ADGM)
The Abu Dhabi Global Market (ADGM), an international financial center (IFC) located in Abu Dhabi, the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a comprehensive financial center, ADGM enhances Abu Dhabi’s stature as a global trade and business hub. It serves as a strategic connector between the burgeoning economies of the Middle East, Africa, and South Asia, and the rest of the world.
ADGM's strategy leverages Abu Dhabi's key strengths in areas such as private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability, and more. It comprises four independent authorities: the ADGM Authority, ADGM Courts, the Financial Services Regulatory Authority, and the Registration Authority. As an IFC, ADGM governs the entire 114 hectares (1.14 square kilometers) of Al Maryah Island, a designated financial free zone.
ContactSr. Manager - PR & CommunicationsAkansha SharmaLiminal Custodyakansha@liminalcustody.com