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Reading: Liminal Custody Secures FIU Registration, Boosting Trust in India’s Crypto Market
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The cryptonews hub > Blog > Crypto News > Liminal Custody Secures FIU Registration, Boosting Trust in India’s Crypto Market
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Liminal Custody Secures FIU Registration, Boosting Trust in India’s Crypto Market

Crypto Team
Last updated: May 28, 2024 12:19 pm
Crypto Team
Published: May 28, 2024
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The Indian cryptocurrency market took a step towards greater security and transparency with the recent FIU (Financial Intelligence Unit) registration of Liminal Custody, a leading crypto storage provider. This development signifies a growing focus on compliance within the industry and could boost institutional trust in digital assets.

crypto prices today live news bitcoin dogecoin ethereum shibha inu cryptocurrency latest updates 31 october 2022 Liminal Custody Secures FIU Registration, Boosting Trust in India's Crypto Market

Liminal Custody, a Singapore-based company with an Indian entity, offers secure storage and wallet infrastructure for virtual assets. Their FIU registration marks a significant milestone, as it makes them the first digital asset custodian to be officially recognized by the Indian government’s financial intelligence agency.

The FIU plays a crucial role in combating money laundering and terrorist financing activities. By registering with the FIU, Liminal Custody demonstrates its commitment to operating within a regulated framework and adhering to anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

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This registration offers several benefits for the Indian crypto market:

  • Enhanced Security: FIU registration ensures that Liminal Custody adheres to strict compliance standards, potentially leading to more robust security measures for customer crypto assets.
  • Increased Transparency: Reporting requirements to the FIU will promote greater transparency within Liminal Custody’s operations, building trust with both customers and regulators.
  • Institutional Confidence: The FIU stamp of approval could make Liminal Custody a more attractive option for institutional investors seeking secure storage solutions for their crypto holdings.

Liminal Custody’s FIU registration comes amid a period of regulatory uncertainty in the Indian crypto space. While the government hasn’t yet established a specific legal framework for cryptocurrencies, this development suggests a willingness to work with compliant players in the industry.

However, challenges remain. The lack of a comprehensive regulatory framework for cryptocurrencies in India continues to be a hurdle for wider adoption. Additionally, ensuring the security of crypto assets in a digital environment is an ongoing concern.

Despite these challenges, Liminal Custody’s FIU registration is a positive step forward for the Indian crypto market. It demonstrates a growing emphasis on security and compliance, which could pave the way for a more mature and regulated crypto ecosystem in India.

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TAGGED:AML regulationscompliance in cryptocrypto storage providerDigital Asset SecurityFIU registrationIndian cryptocurrency marketLiminal Custody
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