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QCP Capital Receives Approval to Operate in Abu Dhabi
QCP Capital, a leading options trading desk for digital assets, has been granted initial approval to operate in Abu Dhabi by the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). This marks the company’s expansion into the Middle East.
Key Points:
- QCP Capital is the first digital-asset market maker and broker dealer from Singapore to receive approval in the region.
- The company plans to relocate a portion of its 70-plus employees to Abu Dhabi upon obtaining a full license.
QCP Capital’s Crypto Derivatives Trading Volume in 2023
QCP Capital recorded nearly $60 billion in crypto derivatives trading volume in 2023. CEO Melvin Deng expressed excitement about the forward-thinking regulators in Abu Dhabi and their positive stance towards digital assets.
Reasons for Expansion
In an interview with Bloomberg, Deng highlighted Abu Dhabi’s strategic geographical location and its potential as a hub for capital flows between Europe, Asia, and the Middle East region.
Partnership and Focus Areas
QCP recently formed a partnership with Abu Dhabi-based Further Ventures to develop new digital asset products. Once fully licensed, the company’s focus in the Middle East will be on core businesses such as trading and market making.
UAE’s Crypto Industry Attraction
The United Arab Emirates (UAE) has been actively attracting cryptocurrency companies, including major players like Binance, OKX, Bitget, and Nomura’s Laser Digital.
Recent Developments
- Austrian crypto exchange Bitpanda is expanding its operations to the Middle East, opening a regional office in the UAE.
- The UAE plans to utilize crypto for trade and establish a regulatory framework for cryptocurrencies.
Future Plans for UAE Trade
The UAE aims to diversify its trade by considering currencies other than the US dollar, with a focus on incorporating cryptocurrencies into its trade practices.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
