QCP Capital Enters Abu Dhabi With First Regulatory Approval
QCP Capital, one of the leading players in the crypto options trading world, has received initial approval to establish operations in Abu Dhabi. This marks another significant expansion for crypto firms in the Middle East. However, the company is still struggling to gain full approval in the region.
QCP Bag Regulation Approved in Abu Dhabi
Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM) has given in-principle approval to QCP Capital to engage in regulated activities, as announced in a statement on Tuesday (7 May). This milestone positions QCP as the first digital company based in Singapore. – the asset market Maker and broker dealer will receive pre-approval as confirmed by the ADGM spokesperson.
As the United Arab Emirates intensifies its efforts to attract more crypto assets, notable names such as Binance, OKX and Nomura’s Laser Digital have already made the move. QCP, which had crypto derivatives trading volume of nearly $60 billion last year, plans to move some of its more than 70 employees to Abu Dhabi once it receives a full license.
QCP CEO Melvin Deng underlined Abu Dhabi’s progressive regulatory stance, emphasizing its holistic approach to digital assets within the broader financial ecosystem. “There are very progressive regulators in Abu Dhabi who consider digital assets as a complete ecosystem along with all traditional finance,” Deng said, according to the Bloomberg report.
Deng also noted that due to the global nature of crypto, geographical factors also influence QCP’s expansion strategy. For context, a September 2023 report from Ernst & Young shows that monthly crypto derivatives volume reached $1.33 trillion. Additionally, the majority of activities take place outside the borders of the United States.
“The Middle East is actually a pretty good crossroads for capital flows from Europe to the Middle East region and Asia,” Deng said. He also highlighted the region’s similarities with Singapore and his desire to leverage the region’s talent to establish a new market.
Also Read: Digital Chamber Critiques SEC’s ‘Regulation Through Intimidation’ Strategy
Latest Partnership in Abu Dhabi
Additionally, in a recent development, QCP announced a partnership with Abu Dhabi venture capital firm Next Ventures. The new digital asset aims to pioneer collaboration. After receiving the full license, the company plans to prioritize core activities such as trading and market making in the region.
Additionally, ADGM market development chief Arvind Ramamurthy expressed optimism regarding the evolving digital asset landscape in the Middle East. Additionally, he foresees more companies similar to QCP recognizing ADGM’s progressive and comprehensive regulatory frameworks. This instills confidence in choosing Abu Dhabi as the regional hub.
Also Read: Former SEC Official John Reed Stark to Testify on Crypto Sanctions
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