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Liminal Scores FIU Registration To Offer Secure Digital Asset Custody In India

| May 23, 2024

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FIU Registration

As we move toward standardized and regulated usage of digital assets, it is remarkable to see more jurisdictions develop improvised versions of compliance with laws to help individuals and institutions stay safe and resilient. 

Expanding our pursuit of regulatory compliance this year, we have acquired yet another accolade to power our digital asset custody service. 

We have become the first digital asset custodian to be registered with India’s FIU, attesting to the platform we have built not just from a technology standpoint but also from a compliance and security integration point of view, leading Liminal to acquire the prestigious registration and continuously working closely with regulatory bodies to push the boundaries of secure digital asset custody primarily for institutions and in hindsight for end user ultimately. 

Unlock the potential of digital assets for your institution

Our long-standing commitment to the responsible use of digital assets and our relentless efforts to eliminate the circulation of virtual assets in terror and crime circles have led us to this momentous achievement. 

FIU Leading India’s PMLA Stance

India has seen a rise in virtual digital asset (VDA) service providers over the years, operating without regulation until March 7, 2023. On this date, the Ministry of Finance issued a notification bringing VDA Service providers under the Prevention of Money Laundering Act, 2002 (PMLA), categorizing them as reporting entities. These entities must comply with Know Your Customer Directions (KYC), transaction-related due diligence, and the PMLA Act & allied Rules.

The Financial Intelligence Unit – India (FIU-IND), established in 2004, is the central national agency responsible for receiving, processing, analyzing, and disseminating information on suspect financial transactions. Reporting directly to the Economic Intelligence Council (EIC) under the Ministry, FIU-IND strengthens efforts against money laundering and terrorism financing, contributing to the nation’s economic integrity and security.

Secure and manage your digital assets with Liminal

Liminal Redefining Virtual Asset Security & Compliance In India

With an increasing number of hacks, frauds, and crimes related to virtual digital assets in India, it is paramount that more and more institutions offering easy trading and investing services to users collaborate with custodians and map out secure, compliant, and regulated operations. 

At Liminal, we have partnered with leading compliance solution providers like TRM Labs, Elliptic, and Notabene to supplement our secure custodial wallets with the latest and mandated compliance checks. This helps our clients track, monitor, and report any illicit activity within their internal transactions or transactions made out of their wallets. 

Furthermore, we have also incorporated a state-of-the-art propriety firewall layer that automated compliance checks based on the policies and threshold set, easing the way for compliance teams to manage their outbound and inbound transactions. 

At last, we have not just made a perfect solution for digital asset custody. Still, we are also laying down deep collaborations with government bodies, especially in India, facilitating them with our expertise and our technology to help store, manage, and secure seized assets. Our stints with national and local state police led to new propositions of helping law enforcement agencies understand digital assets and use the right custody and compliance solutions when dealing with seized assets. 

Now, as an FIU-registered custodian, we are set to have a bigger impact in India by redefining 

how can regulatory, compliance and anti-money laundering be activated quickly and efficiently.

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