First Answer Custody, receives in principle approval for license from VARA Dubai

First Answer Custody, a seperate legal entity not operating under the Liminal brand, has received an in principle approval from Dubai’s Virtual Asset Regulatory Authority (VARA), using LiminalSecure which offers digital asset custody to unparalleled security and compliance.

In the UAE, Liminal Custody now referred to as Chainberg is operated by First Answer Custody FZE, a registered entity with the Dubai World Trade Centre Authority (DWTC) under License No. L-3317. Chainberg is in the process of obtaining licensing from the Virtual Assets Regulatory Authority (VARA) to provide Virtual Asset Custody Services.

Chainberg is a digital asset custody platform purpose-built for institutional clients and qualified investors. Chainberg is the custody arm of Liminal, a global digital asset leader. In Dubai, under VARA’s regulatory framework, Chainberg is engineered to serve institutional clients across the APAC and MENA regions- including digital asset exchanges, hedge funds and asset managers, public institutions, VC and investment firms, corporate treasuries, and family offices- Chainberg provides secure, auditable, and fully regulated access to the virtual asset ecosystem

In an email to Lara on the Block, the marketing team at Liminal explained that the Liminal license in Abu Dhabi in ADGM was surrendered in 2025. The email also explained the legal differences between Chainberg brand and Liminal.

The Founder of Liminal Custody, Mahin Gupta created Liminal Custody because of his belief in the motto, control your keys, control your coins, and built a solution to safeguard digital assets via self-custody wallets.

“Receiving VARA’s In-Principle Approval validates the infrastructure and standards we have built into Chainberg from inception. Institutional custody demands more than technology – it demands accountability, governance, and trust. We are committed to completing the final steps swiftly and look forward to offering fully regulated, institutional-grade custody services from the heart of Dubai’s world-leading virtual asset ecosystem.” said Manan Vora, General Manager and Executive Director, Chainberg in a press release announcing the in-principle license approval.

By March 2026, Liminal has processed over $100 billion in total on-chain digital asset transaction volume since inception, across 20+ blockchains and nearly 5 million transactions. Annual volume grew 2,000% over the past two years. Monthly volume doubled in January 2026 alone. The platform serves 80+ institutional clients in 12 countries. The majority of volume is denominated in USDT and USDC, processed by cross-border payment companies, exchanges, OTC desks, and institutional treasury operators.

Liminal Custody noted that it has more than 130 employees across Singapore, India, UAE and Taiwan.

Updated May 19th based on email offered by Liminal and updated on June 11th based on Press release