QCP Capital has received its first license to operate in Abu Dhabi
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QCP Capital, a leading Singapore-based digital assets and crypto options trading desk, has received an in-principle license from the Financial Services Regulatory Authority (ADGM) of Abu Dhabi Global Market. This development marks the company's expansion into the Middle East.
A Singapore-based digital asset market maker and broker-dealer, the crypto options trading desk, which handled nearly $60 billion in crypto derivatives trading volume last year, has received preliminary approval from ADGM, a spokesman for the regulator said. Once fully licensed, the company plans to relocate some of its more than 70 employees to Abu Dhabi.
The UAE is actively working to attract more crypto companies, with Binance, OKX and Nomura's Laser Digital setting up operations in the region. QCP CEO Melvin Deng praised the Abu Dhabi regulators for their progressive approach to the digital assets ecosystem as part of traditional finance.
“Abu Dhabi has very progressive regulators because they think about digital assets as a complete ecosystem with traditional finance,” said Deng.
Deng, who joined QCP in 2021 after more than 15 years at Standard Chartered Bank, also cited geography for the firm's decision to expand into the Middle East. He pointed out that, like Singapore's location, the region serves as a hub for capital flows from Europe, the Middle East and Asia.
According to Ernst & Young, monthly crypto derivatives volume stood at $1.33 trillion as of September 2023, with most of the activity taking place outside the United States.
QCP recently announced a partnership with Abu Dhabi-based More Ventures to develop new products in digital assets. After receiving full license, the organization will give priority to major businesses in the region such as trade and marketing.
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