Liminal gets pre-approved for digital asset custody service in UAE

Rick Steves

“We are thrilled to receive this initial approval from VARA. This achievement underscores our commitment to meeting client needs while adhering to the highest regulatory standards. We look forward to working with VARA to finalize our operations and commence regulated custody services soon.”

Liminal has secured an Initial Approval from VARA, Dubai’s Virtual Asset Regulatory Authority, through its Dubai entity, First Answer Custody FZE.

The provider of digital asset custody and wallet infrastructure solutions will now work towards acquiring a full Virtual Asset Service Provider License from VARA in order to become a trusted custodian for virtual assets within the UAE.

Liminal wants to commence regulated custody services soon

Amir Tabch, CEO of Liminal Custody Solutions Middle East, stated: “We are thrilled to receive this initial approval from VARA. This achievement underscores our commitment to meeting client needs while adhering to the highest regulatory standards. We look forward to working with VARA to finalize our operations and commence regulated custody services soon.”

Once Liminal secures the full VASP License, the team will oversee its custody operations in the Middle East, which will include overseeing compliance and security protocols, risk management, and audit procedures to safeguard client assets.

It was in March that Liminal Custody Solutions launched its Institutional Custody offering, to address the growing demand from institutional investors for secure and compliant solutions for managing digital assets. The provider of digital asset custody and wallet infrastructure in the APAC and MENA regions has come forward with an offering that covers today’s needs with a comprehensive suite of security and compliance features.

Key features of Liminal’s Institutional Custody Offering include FIPS-certified hardware devices, SOC 2 Type II, ISO 27001 & 27701, and CCSS Level-3 certifications, regular penetration testing, segregated accounts, proof-of-reserve reports, and off-balance sheet storage, Multi-Sig and MPC technology, and a proprietary firewall engine.

Liminal provides custom workflows for transaction risk analysis, threshold monitoring, and compliance with Anti-Money Laundering (AML) and the Travel Rule. The institutional custodial solution is targeted at exchanges, family offices, OTC desks, hedge funds, VC and PE funds, and corporate treasuries.

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