Forbes India 15th Anniversary Special

Hong Kong Grants TCSP License to Liminal's Self-Custody Wallet Platform

Liminal's ability to provide digital asset custody services in a regulated environment in Hong Kong is a major step for the development of web3 in the Asia-Pacific region

Shashank Bhardwaj
Published: May 17, 2023 05:45:32 PM IST
Updated: May 17, 2023 11:36:23 PM IST

Hong Kong Grants TCSP License to Liminal's Self-Custody Wallet PlatformImage: Shutterstock 

Liminal, a provider of wallet infrastructure and digital asset custodial services, has reached a milestone by obtaining the much coveted TCSP (Trust or Company Service Provider) Licence from the Hong Kong Companies Registry. This achievement solidifies Liminal's standing as a top-tier custodian in the Asia-Pacific (APAC) region and enables the company to offer regulated digital asset custodial services in Hong Kong.

Hong Kong, renowned as a vibrant financial centre and a hub for digital asset transactions, should be a promising market for web3 development. The issuance of the TCSP License empowers Liminal to provide a suite of solutions, including wallet infrastructure, institutional-grade custody services, wallet automation, and more. This will serve a diverse range of clients, such as exchanges, family offices, hedge funds, and individuals with high net worth.

Manan Vora, Senior Vice President of Strategy and Business Development at Liminal, expressed enthusiasm about obtaining the TCSP License, emphasising the company's adherence to regulatory compliance and the best approach in digital asset custody. With the rapidly growing adoption of digital assets and currencies, the demand for secure and reliable custodial solutions has become paramount. Liminal, and hopefully more web3 companies to follow, will be able to meet the escalating need for secure and reliable digital asset custody with this endorsement from Hong Kong, a country strategically positioned to meet the needs of the developers in the decentralised space. 

The TCSP License, issued under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance by the Hong Kong Companies Registry, establishes Liminal as a fully regulated entity offering comprehensive custody services now. Notably, Liminal Custody Solutions' Anti-Money Laundering (AML) policies were thoroughly reviewed, a compliance and money laundering officer was hired, and the company was interviewed by regulators before it was granted a licence.

Equipped with the TCSP License and its certifications, Liminal should be well-prepared to meet the upsurge demand for digital asset custodial services in Hong Kong and across global markets. 

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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