Crypto Storage Provider Liminal Custody s Indian Entity with Financial Intelligence Unit 1o12j Technology News

The FIU is tasked with receiving, processing, and analysing details related to suspicious financial transactions. 1s3q4h

Written by Siddharth Suvarna | Updated: 23 May 2024 19:19 IST

Crypto Storage Provider Liminal Custody s Indian Entity with Financial Intelligence Unit

Photo Credit: Pexels 5j5rf

Liminal is backed by Elevation Capital, LD Capital, CoinDCX, Hashed, Better Capital, and others

Highlights

Liminal Custody is headquartered in Singapore
Liminal has now ed Binance, KuCoin in getting FIU registration
The firm wishes to onboard institutional clients

ment

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 ed with India's Financial Intelligence Unit (FIU). With this, the entity has become the latest Web3 firm to have ed 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.

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The financial authorities of India have been cracking down on fintech players, working independent of crypto or with it included. The regulators wish to ensure that engaging with uned and illegally operating firms do not pose massive financial risks to India's system and citizens.

In the earlier months of this year, the Indian government restricted the operations of several crypto firms for not having ed with the FIU. Binance were among companies that started facing operational struggles in India starting December last year.

Between January and May this year Binance emerged among top foreign crypto players who managed to comply with the rules and secure their respective FIU registrations.

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Indian exchanges like CoinDCX are other firms that have secured this licence.

Now that Liminal Custody has ed with the FIU, it wishes to establish itself as a trusted crypto wallet partner for institutions like the Central Bureau of Investigation (CBI), for which it claims to store crypto assets seized during investigations.

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Further reading: FIU

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More