Liminal Custody Registers with India’s Financial Intelligence Unit

Liminal Custody, a provider of storage and wallet services for virtual assets, has announced that its Indian entity, ‘First Answer India Technologies Private Limited,’ is now officially registered with India’s Financial Intelligence Unit (FIU). This registration marks Liminal Custody as the latest Web3 firm to join the ranks alongside prominent names like Binance, KuCoin, and WazirX, underscoring its commitment to expanding its ecosystem in India while adhering to the regulatory framework governing the country’s crypto and Web3 sectors. The mandate for Web3 firms to register with the FIU aims to enhance safety within a sector historically prone to volatility and exploitation.

The Financial Intelligence Unit (FIU) plays a pivotal role in overseeing financial transactions by receiving, processing, and analyzing details related to suspicious activities. Beyond domestic oversight, the FIU also collaborates by sharing information on suspicious transactions with foreign counterparts, thus bolstering global efforts to mitigate financial risks.

Manhar Garegrat, Country Head for India and Global Partnerships at Liminal Custody, highlighted the significance of FIU registration, stating, “The FIU registration significantly enhances our ability to serve institutional clients across India, providing them with the peace of mind and regulatory compliance they deserve.” This move underscores Liminal Custody’s strategic focus on catering to institutional investors who prioritize regulatory adherence and robust compliance frameworks.

By aligning with regulatory requirements through FIU registration, Liminal Custody aims to bolster trust and confidence among its client base while fortifying its operational integrity in the rapidly evolving Web3 landscape. The registration underscores the company’s proactive approach in navigating regulatory landscapes to foster a secure environment for digital asset management and financial transactions in India.

Overall, Liminal Custody’s FIU registration represents a pivotal step towards integrating within India’s regulatory framework while fostering growth and stability within the Web3 sector. It exemplifies the company’s commitment to compliance and transparency, essential pillars for sustaining trust and facilitating responsible innovation in the digital asset space.

Liminal Custody, that offers storage and wallet services for virtual assets, announced that its Indian entity ‘First Answer India Technologies Private Limited’ is now officially registered with India’s Financial Intelligence Unit (FIU). With this, the entity has become the latest Web3 firm to have joined this list alongside Binance, KuCoin, and WazirX – aiming at growing its ecosystem in India while complying with the regulatory framework that oversees India’s crypto and Web3 sector. India mandated registration for Web3 firms with the FIU in order to make the otherwise volatile and exploitable sector safer for use.

The FIU is tasked with receiving, processing, and analysing details related to suspicious financial transactions. The body also circulates information on suspicious transactions to foreign FIUs, alerting them of potential risks. “The FIU registration significantly enhances our ability to serve institutional clients across India, providing them with the peace of mind and regulatory compliance they deserve,” said Manhar Garegrat, Country Head, India and Global Partnerships at Liminal Custody.