QCP, a global institutional digital assets company, said they have received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities.
The decision to make a move into this strategic market for the company’s footprint was in anticipation that the Middle East is going to become a dominant global hub for capital flowing into traditional and digital assets, the company said.
The IPA will mark the beginning for QCP to operate a regulated digital assets business in the country.
Melvin Deng, CEO, QCP, said the IPA is a significant development for the company and advances its goal of embracing greater regulation.
“We are committed to meeting ADGM’s transparent and high standards of regulatory compliance,” he said.]
“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,” Deng said.
Arvind Ramamurthy, Chief of Market Development at ADGM, said, “We congratulate QCP on receiving its IPA from ADGM and welcome them to Abu Dhabi’s thriving international financial centre.”
“With a leading trading desk and digital asset capabilities, we look forward to QCP’s integration into ADGM’s ecosystem,” he said.
Founded in 2017, QCP claims that it is one of the largest trading desks in the world for digital asset derivatives and provider of trading solutions and structured strategies.
Ernst & Young estimated that as of September 2023, the monthly volume of crypto derivatives stands at $1.33 trillion, which is nearly four times the size of the crypto spot market.
With most of the crypto derivative market currently existing outside the US, Abu Dhabi and the UAE have a lot of potential to capture this market segment.
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