QCP Receives In-Principal Approval From Abu Dhabi Regulator
The digital assets trading firm said in April it was setting up shop in Abu Dhabi in collaboration with Further Ventures.
May 7, 2024 at 11:52 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SSNOYR6QOVAIFOF4PH26QDVXN4.jpg)
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- QCP, a digital assets trading firm based in Singapore, has received in-principal approval from Abu Dhabi’s financial regulator.
- QCP said in April it was expanding to the Middle East.
Digital assets trading firm QCP Capital said it received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The Singapore-based firm is the latest digital assets company to establish a licensed presence in Abu Dhabi. In April, during Token 2049 in neighboring Dubai, it said it signed a partnership with Further Ventures to expand into the Middle East.
“Our intention is to be a responsible player that wants to support market confidence," CEO Melvin Deng said in a statement. "We are proud to be the first Singaporean digital asset market maker and broker-dealer to set up here in the market and hope we can encourage others to venture into this dynamic market.”
Abu Dhabi Global Market is one of the fastest-growing crypto hubs in the region.
“We want to learn from what other players are doing in Abu Dhabi and the region and bring our expertise as a first mover in digital assets to the ecosystem,” Deng said.
Chainalysis reported in October 2023 that most UAE digital asset transactions were large institutional investments.
In December, Coinbase's new blockchain-based financial products for institutional investors also received in-principle approval from the FSRA.
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