The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted approval to Liminal, a provider of digital asset custody and wallet infrastructure, allowing it to operate as a custody provider for virtual assets.
The in-principle approval (IPA) is not a licence, but 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 as well as the broader MENA region.
In May, Liminal also achieved another milestone by obtaining the TCSP Licence from the Hong Kong Companies Registry, enabling regulated digital asset custodial services in Hong Kong.
“ADGM has established itself as a thriving hub for innovation, growth and maturation of the Web3 ecosystem,” said Manan Vora, senior VP of strategy and business operations at Liminal.
“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. 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, also commented: “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.
“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.”
Liminal has also worked on building a robust infrastructure that prioritises security, compliance and operational excellence. Its advanced custody platform leverages automation to simplify the safekeeping of virtual assets. Liminal also implements strict security protocols, comprehensive risk management measures, and thorough audit procedures to maintain the highest level of protection for client assets.