- QCP Capital received initial regulatory approval to operate in Abu Dhabi.
- The Singaporean firm reported $60 billion in 2023 crypto derivatives volume.
- UAE’s crypto-friendly policies continue as Binance secures VASP license in Dubai.
QCP Capital, a leading global crypto options trading platform, has received initial regulatory approval to set up operations in Abu Dhabi. This development marks a substantial step for the Singapore-based firm, which becomes the first of its kind to gain such approval in the region.
The Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM) granted in-principle approval for QCP Capital to engage in regulated digital asset activities, per a statement released on May 7.
QCP Capital reported a staggering $60 billion in crypto derivatives trading volume in 2023. The firm’s expansion into Abu Dhabi is expected to solidify its crypto derivatives market position further. The firm boasts nearly 70 employees, some of whom are expected to transition to the new Abu Dhabi office after finalizing full regulatory approval.
Melvin Deng, the CEO of QCP, expressed his optimism about the move. He praised Abu Dhabi’s regulators for their forward-thinking approach to digital assets and integration with traditional finance.
Notably, the UAE continues to establish itself as a crypto haven, offering in-principle approval to various crypto firms. Last month, Binance, the world’s largest crypto exchange, secured a Virtual Asset Service Provider (VASP) license in Dubai. The exchange attained full licensing following the relinquishment of voting power by co-founder Changpeng Zhao in the local entity.
Binance’s journey to full licensing took over one and a half years from its initial minimal viable product license granted by VARA in September 2022. However, QCP Capital may experience a swifter transition to full licensing, given that it is not under the same level of regulatory examination as Binance.
ADGM’s pro-crypto stance is also highlighted by its recent collaboration with the Solana Foundation, which, through a memorandum of understanding signed in February, aims to promote the development of distributed ledger technology (DLT).
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