Digital asset custody and wallet infrastructure provider Liminal has been granted in-principle approval (IPA) by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The approval does not constitute a licence but does enable the company to operate as a custody provider for virtual assets within the ADGM jurisdiction, in an effort to serve the broader MENA region.
Liminal says it is “working diligently to fulfil all the IPA conditions and meet FSRA's stringent requirements to receive the Financial Services Permission (FSP)”.
The FSP will enable Liminal to “play a vital role in the Web3 ecosystem in the UAE, expanding its product and service offerings for the MENA region”.
“In the rapidly growing fintech landscape of the Middle East, particularly in the UAE, FSRA's progressive approach has made it a highly sought-after location for digital asset service providers,” the company says.
Earlier this year, Liminal obtained the TCSP License from the Hong Kong Companies Registry, enabling regulated digital asset custodial services in Hong Kong.
As part of the initiative, Liminal offers institutions a suite of services designed to safeguard their virtual assets. Clients have access to security protocols, multi-signature authentication, cold storage facilities and customer support to ensure the protection of their digital assets.
Manan Vora, senior vice president of strategy and business operations at Liminal, says: “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.”
Arvind Ramamurthy, chief of market development at ADGM, comments: “We extend our congratulations to Liminal on being granted the IPA from the FSRA of ADGM, which paves the way for them to become fully operational in ADGM as a premier custody provider for virtual assets.
“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.”
