Singapore based crypto asset custodian applies for license in ADGM

 

 

According to a recent news piece in Khaleej Times, Liminal, a crypto custodial wallet platform has applied for a license at Abu Dhabi Global Market (ADGM) in an effort to offer regulated service in the region.

Liminal which claims to have processed crypto transactions worth $5.6 billion on its platform, with over $550 million worth of assets under protection, believes that people will use digital assets either as part of investment or a part of underlying fundamental technology.

Mahin Gupta, Founder, Liminal stated to Khaleej Times, “Regulation will become uniform across the globe. UAE has taken a first mover advantage in the field of digital asset regulation, with much clarity. They have a clear idea about how they want to look at Metaverse, how they want to look at trading, how they want to look at custody and how they want to look at blockchain as a service and blockchain as a platform for other applications.”

Liminal in the past month has advertised for the position of Finance Officer based out of Abu Dhabi ADGM.  Prior to that Liminal partnered with Dubai based payment gateway platform Magik Labs. Through this partnership, Liminal would empower Magik Labs to create a series of transit payment wallets to receive payments from their users. These payments will then be converted to desired tokens or NFTs via connectivity to other decentralized exchange (DEX) aggregators, over the counter (OTC) desks or trading platforms. Liminal’s MPC hot wallets will enable transit wallet addresses and provide automation of transaction flows.

At the time, Manan Vora, senior vice president, strategy and operations at Liminal had noted, “Our partnership with Magik Labs is a part of our continued efforts to strengthen Liminal’s position in the Mena region as the first choice of businesses for digital wallet infrastructure services.”

According to Gupta there are about 400 digital asset businesses in the UAE, and this number will cross 1000 by the end of 2023.

Liminal is focused on Asia-Pacific and Mena regions, and is running on an accelerated growth trajectory by growing aggressively in client acquisition, especially in markets like South Korea, Hong Kong, Japan, Africa (Nigeria), Indonesia, India and Dubai.