Abu Dhabi approves crypto custodian

Liminal Custody, an India-based provider of custody services for digital assets, has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

The approval is not a licence but described by Liminal as “an important milestone”.

The firm has also stated that it is “working diligently to fulfil all the IPA conditions and meet FSRA’s stringent requirements to receive the Financial Services Permission (FSP)”.

Should it receive the licence, Liminal intends to offer digital assets custody across the Mena region.

“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,” said Manan Vora, senior vice president of strategy and business operations at Liminal.

Liminal, founded in 2021 by the team behind Indian crypto exchange Zebpay, was granted an operating licence in Hong Kong earlier this year.

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