QCP Capital secures preliminary approval to operate in Abu Dhabi

Changelly
QCP Capital secures preliminary approval to operate in Abu Dhabi
fiverr


Share this article

QCP Capital, a top Singapore-based crypto options trading desk for digital assets, has received in-principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) to conduct regulated activities. This development marks the firm’s expansion into the Middle East.

The crypto options trading desk, which processed nearly $60 billion in crypto derivatives trading volume last year, is the first Singapore-based digital-asset market maker and broker dealer to receive preliminary approval from ADGM, according to a spokesperson from the regulator. Once it secures a full license, the company plans to relocate some of its more than 70 employees to Abu Dhabi.

Ledger

The United Arab Emirates has been actively working to attract more crypto companies, with Binance, OKX, and Nomura’s Laser Digital already establishing operations in the region. Melvin Deng, CEO of QCP, praised Abu Dhabi’s regulators for their progressive approach to the digital assets ecosystem, considering it as a part of traditional finance.

“Abu Dhabi has got very progressive regulators in that they are thinking about the digital assets as a complete ecosystem with all of traditional finance,” said Deng.

Deng, who joined QCP in 2021 after spending over 15 years at Standard Chartered Bank, also cited the geographical location as a factor in the firm’s decision to expand to the Middle East. He noted that the region serves as a confluence for capital flows from Europe, the Middle East, and Asia, similar to Singapore’s position.

According to an Ernst & Young report, the monthly volume of crypto derivatives 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 Further Ventures to develop new products in digital assets. Once the firm receives the full license, it will prioritize core businesses such as trading and market making in the region.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Source link

Paxful

Be the first to comment

Leave a Reply

Your email address will not be published.


*