QCP Capital Granted Abu Dhabi License for Digital Assets

QCP Capital, a leading cryptocurrency options trading platform based in Singapore, has secured initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM). This approval positions QCP Capital as the first from Singapore in the region to step towards full licensure for digital asset activities.

The announcement came through a statement released on May 7, which highlighted QCP Capital’s achievements and its forward-looking plans. With this in-principle approval, QCP joins a growing list of crypto firms setting up shop in the Middle East. This region is rapidly becoming a favored destination for cryptocurrency businesses due to its welcoming regulatory environment.

QCP Capital’s performance in the previous year was noteworthy, with the firm handling $60 billion in crypto derivatives trading volume. As part of their expansion strategy, QCP plans to relocate some of its nearly 70 employees to Abu Dhabi, post receiving full regulatory clearance.

Abu Dhabi as a Rising Crypto Hub

The UAE continues to establish itself as a major hub for cryptocurrency with progressive regulatory frameworks that attract major players in the market. Recently, Binance, the world’s largest crypto exchange by volume, secured a Virtual Asset Service Provider license in Dubai, further cementing the region’s reputation as a global crypto center.

ADGM has been particularly proactive, signing a memorandum of understanding with the Solana Foundation in February to promote the development of blockchain technology. These collaborative efforts signify the UAE’s commitment to integrating digital assets within traditional financial systems.

QCP Capital’s CEO, Melvin Deng, emphasized Abu Dhabi’s innovative approach to digital assets, recognizing it as a comprehensive ecosystem that integrates with traditional finance. The firm anticipates receiving its full regulatory license shortly, potentially faster than Binance, which faced more extensive regulatory challenges.

This approval marks a significant milestone for QCP Capital and reflects the UAE’s ambitious plans to dominate the global cryptocurrency landscape. As more firms like QCP Capital venture into this market, Abu Dhabi is well on its way to becoming a leading crypto hub, leveraging advanced regulations that facilitate growth and innovation in the digital asset space.