- QCP Capital is keen to tap a new market.
- The company got preliminary approval to operate in the market.
- QCP is the first Singapore-based crypto firm to secure such approval.
Crypto options desk QCP Capital said Tuesday it was the latest digital assets firm to expand into the Middle East following preliminary approval to operate in Abu Dhabi.
Founded in 2017, QCP Capital is a Singapore-based crypto market maker and broker, with nearly $60 billion in derivatives trading volume last year. The company’s initial approval to enter the Middle East follows a recent partnership with Abu Dhabi-based Further Ventures to develop new products in digital assets.
QCP Capital Enters Abu Dhabi
According to a May 7 statement seen by Bloomberg, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted QCP Capital in-principal authorization to “conduct regulated activities.”
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Besides its plan to develop new crypto-based products in collaboration with Further Ventures, QCP Capital intends to focus on core businesses such as trading and market-making once the company receives a full license to operate in the region.
QCP CEO Melvin Deng lauded the win, noting that Abu Dhabi had progressive regulators who considered crypto “a complete ecosystem with all of traditional finance.” The CEO further praised Abu Dhabi’s favorable geographical location.
“The Middle East is actually quite a good confluence for capital flows from Europe, to the Middle East region, as well as Asia.” Deng stated. “So it’s got similar properties to what we have in Singapore, and we want to leverage on their capabilities to establish another marketplace.”
With the initial approval, QCP Capital joins other prominent crypto companies in the Middle East, including Binance, OKX, and Nomura’s Laser Digital. The company plans to relocate some of its over 70 employees to Abu Dhabi once it scores a full operational license.
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Read about Binance’s VASP crypto license in Dubai:
Binance Taps Dubai’s Retail Crypto Market with VASP License
Stay updated on Ripple’s presence in the Middle East:
Ripple Thrives in Dubai Despite Ongoing SEC Lawsuit Case
