Liminal, a platform for wallet infrastructure and custody solutions, has released its newest platform update to assist Web 3.0 companies in India in adhering to the Prevention of Money Laundering Act, 2002 (PMLA) regulations.
It made a formal announcement that the platform has updated itself to create an infrastructure by working with suppliers.
This reportedly contains functions like travel rule, transaction monitoring, and record keeping:
Liminal said that its integration with Notabene will aim to ensure that transactions of Web 3.0 businesses comply with the requirements of the travel rule.
It added: “To guarantee that transactions are watched for any suspicious behaviour, Liminal has integrated with a provider of solutions for suspicious transaction monitoring. Reports can be generated in the prescribed formats to enable submission straight from Liminal’s platform. All transaction information will be stored for the specified period as per the guidelines.”
Hong Kong Fund Plans To Bet $100 Million On City’s Crypto Push
A new Hong Kong-based fund plans to raise $100 million this year to invest in digital asset start-ups, as the city seeks to become a regional fin-tech hub, reported Bloomberg.
At least, $30 million has been committed to the fund run by Curt Shi, a seasoned tech investor, and Ben Ng, a venture partner at the Asian private equity company, SAIF Partners. Sunwah Kingsway Capital Holdings Ltd. and Golin International Group Ltd. joined the ProDigital Future Fund’s initial close following a six-month fundraising phase, according to an interview with Shi.
The fundraising takes place as Hong Kong actively pursues cryptocurrency talent and companies to revitalise the financial hub following a slowdown brought on by three years of border controls linked to Covid. In contrast to the intense US regulatory scrutiny following FTX’s stunning failure last year, the city has been supportive of cryptocurrency exchanges, and concerns persist that Hong Kong may alter course in the future.
“I understand the concerns, but nothing is perfect given the complexity of the crypto economy and current geopolitical situation. Our strategy is to continue to see how things go,” Shi told Bloomberg News.
