Crypto storage provider Liminal Custody registers Indian entity with Financial Intelligence Unit

Liminal Custody, which 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 company to join this list alongside Binance, KuCoin and WazirX – with the aim of growing its ecosystem in India while complying with the regulatory framework that oversees the Indian mining sector. cryptography and Web3. India has made it mandatory for Web3 companies to register with the FIU to make it safer to use this otherwise volatile and exploitative sector.

THE FIU is responsible for receiving, processing and analyzing details related to suspicious financial transactions. The body also disseminates information on suspicious transactions to foreign FIUs, alerting them to potential risks.

“FIU registration significantly enhances our ability to serve our institutional clients across India, providing them with the peace of mind and regulatory compliance they deserve,” said Manhar Garegrat, country manager for FIU. India and global partnerships at Liminal guard.

Indian financial authorities have been crack down on fintech players, working independently of crypto or with it included. Regulators want to ensure that engaging with unregistered and illegally operating companies does not pose massive financial risks to the system and Indian citizens.

In the early months of this year, the Indian government restricted the operations of several crypto companies because they had not registered with the FIU. OKX And Binance were among the companies that started facing operational difficulties in India from December last year.

Between January and May of this year Kucoin And Binance has emerged among the major foreign crypto players who have managed to comply with the rules and secure their respective registrations with the FIU.

Indian exchanges like CoinSwitch, WazirXAnd CoinDCX Other companies have obtained this license.

Now that Liminal Custody has registered with the FIU, it aims 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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