Liminal Receives First Regulatory Approval for UAE Cryptocurrency Custody Service

Temporary Storage SolutionsThe digital asset storage and wallet infrastructure provider has taken a major step forward in its expansion in the Middle East, receiving initial approval from . BE (Virtual Asset Regulatory Authority) Dubai.

This regulatory approval indicates that First Answer Custody FZE, a Dubai entity, has begun work to obtain a full Virtual Asset Service Provider (VASP) license from VARA.

In a statement released today, Amir Tabch, CEO of Liminal Custody Solutions Middle East, emphasized the company’s commitment to meeting customer needs while adhering to rigorous regulatory standards. Tabch also highlighted their shared goal of establishing Liminal as a trusted custodian for virtual assets in the UAE.

The importance of this achievement is underlined by the regulatory environment in the region. Established in March 2022, VARA serves as the regulator overseeing digital assets and related activities across Dubai, including special development zones and free zones.

Upon securing the VASP license, Liminal will deploy a team of industry experts and seasoned professionals to oversee its storage operations in the Middle East. The team implements robust compliance and security protocols, comprehensive risk management measures, and thorough audit procedures to ensure the protection of client assets.

Liminal’s track record in the digital asset custody space further solidifies its position as a trusted custodian. Founded in April 2021, the Singapore-based company has already achieved prestigious certifications such as CCSS Level 3, SOC Type 2, ISO 27001 and 27701.

With operations across Asia Pacific, MENA and Europe, Liminal has offices in major financial centers including Hong Kong, Singapore, India and Abu Dhabi.

Specifically, Liminal provides customized wallet infrastructure for self-storage businesses and acts as a qualified custodian holding a TCSP license in Hong Kong and an in-principle approval for custody license at the Abu Dhabi Global Market (ADGM) in Abu Dhabi. This strategic positioning highlights Liminal’s commitment to providing secure and compliant storage solutions tailored to the needs of a diverse range of customers.

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