Liminal secures FSP license from FSRA in ADGM   Read more

A regulated entity now in Hong Kong

| November 17, 2023

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Being a trillion-dollar economy digital assets and the cryptocurrency market is slowly and steadily reaching the status of indisputable identity and a force to be reckoned with in all parallels of financial technology.

Such is the journey from being just a proof-of-concept trading token to now institutions overtaking the precedence of how digital assets with a combined market cap of $2 Trillion will bring about new revolutionized change in the way we transact cross-borders permissionlessly, decentrally, interoperability and immutably.

Just as fast as digital assets rose in their stature, regulations surrounding them also started to establish, from different jurisdictions to protect users from ‘n’ number of defaults and point-of-failures led by either Web3 institutions or custody providers.

Jumping on this bandwagon and pushing the envelope to collaborate with particular jurisdictions where the adoption of digital assets is being welcomed with open arms. Hong Kong is one of those places, a new haven for digital asset providers and custodians to set up their operations from.

Liminal as a wallet infrastructure and custody provider for Web3 native organizations, has recently been granted the long-awaited status of regulated partner, which adds to our credibility, of being one of the leading custody providers in the South-East Asia region.

Why Hong Kong has chosen to issue TCSP Licence?

Custody providers play a crucial role in Web3 (blockchain) ecosystems by securely storing and managing digital assets on behalf of their clients. In Hong Kong, financial activities related to custody services are regulated under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO).

To operate as a custody provider in Hong Kong, companies are required to obtain the appropriate licenses from the Hong Kong Securities and Futures Commission (SFC). The SFC oversees and regulates financial activities, including the provision of custody services, to ensure compliance with legal and regulatory obligations.

It’s worth noting that the licensing requirements may differ depending on the nature of the custody services offered and the specific regulatory framework implemented in Hong Kong and the extension of a licence is also directly dependent on what other security regulations a custody provider has cleared in order to provide substantial proof of trusted operations and infrastructure technology in place.

A New Chapter for Liminal

Adding another feast in our linear growth to transform how institutions manage their wallet operations that ultimately reflects on end-users having utmost trust in those institutions to conduct activities like investing, trading, staking and others with digital assets.

Being a leading provider of digital asset custodial services, we have achieved a remarkable milestone by obtaining the prestigious Trust or Company Service Provider (TCSP) Licence from the Hong Kong Companies Registry. This significant achievement propels Liminal to new heights in the industry and solidifies its position as a top-tier custodian in the Asia-Pacific region.

With the issuance of the TCSP Licence, Liminal has now become a regulated entity, authorized to provide comprehensive and secure digital asset custodial services in Hong Kong. This licensing milestone showcases Liminal’s commitment to upholding the highest standards of security, compliance, and trust in the rapidly evolving landscape of digital assets.

As a licensed custodial service provider, Liminal now offers a wide range of solutions, including wallet infrastructure, institutional-grade custody services, wallet automation, and more. These offerings are designed to cater to the requirements of various clients, including exchanges, hedge funds, family offices, and high-net-worth individuals.

We are immensely proud of this achievement and excited about the boundless possibilities that lie ahead for Liminal as a licensed and regulated digital assets custody provider in Hong Kong. This significant milestone further strengthens our position as an industry leader and paves the way for continued growth, innovation, and success.

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