QCP Capital, a prominent cryptocurrency options trading platform, has secured initial regulatory approval to commence operations in Abu Dhabi.
The Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM) has granted in-principle approval for the firm’s digital asset activities, as stated in a May 7 announcement reported by Bloomberg.
QCP Capital Setting a Milestone in the Region
This approval marks a significant milestone, making QCP Capital the first Singapore-based crypto market maker and broker to receive preliminary approval in the region, according to an ADGM spokesperson.
With a track record of $60 billion in crypto derivatives trading volume in 2023, QCP Capital is poised to expand its operations to Abu Dhabi. Additionally, it has relocated some of its nearly 70 employees pending full regulatory clearance.
UAE’s Cryptocurrency Aspirations
The move aligns with the UAE’s ambitions to establish itself as a global cryptocurrency hub. Notably, Binance, the world’s largest crypto exchange, received a Virtual Asset Service Provider (VASP) license in Dubai in April.
However, QCP Capital’s regulatory journey appears to be expedited compared to Binance, owing to lesser regulatory scrutiny.
Moreover, ADGM’s commitment to fostering blockchain innovation is evident in its recent collaboration with the Solana Foundation in February. This partnership aimed at advancing distributed ledger technology (DLT) development.
While QCP Capital awaits full regulatory clearance, its expansion signifies Abu Dhabi’s growing importance in the global crypto landscape.
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