As a seasoned crypto investor with a keen interest in regulatory developments, I’m thrilled to see QCP Capital, a leading cryptocurrency options trading platform, receive initial approval to operate in Abu Dhabi. This news further solidifies the UAE’s position as the next global crypto hub.
QCP Capital, one of the world’s leading cryptocurrency options trading platforms, received initial regulatory approval to operate in Abu Dhabi becoming the latest prominent crypto firm to expand in the region.
According to a May 7 statement obtained by Bloomberg, the digital assets trading desk at our firm has been given preliminary authorization for regulated digital asset transactions by the Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM).
In simple terms, QCP Capital is the initial crypto market maker and broker based in Singapore to secure preliminary approval in the region, as confirmed by a representative of the ADGM (Abu Dhabi Global Market).
During the year 2023, QCP, a prominent player in the crypto options trading market with over $60 billion in trading volume, saw significant growth. With approximately 70 employees on board, some of these team members are set to relocate to Abu Dhabi upon receiving final regulatory approval from the relevant authorities.
Melvin Deng, CEO of QCP, told Bloomberg:
“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.”
The UAE is becoming the next global crypto hub
As a crypto investor, I’m thrilled to hear that the UAE has given its preliminary nod to the crypto sector. This alignment with their ambitious plan to establish themselves as a top global cryptocurrency hub is a significant step forward.
In April, Binance, the globe’s largest cryptocurrency exchange, obtained the anticipated Virtual Asset Service Provider (VASP) license in Dubai. This achievement came after Binance’s co-founder, Changpeng Zhao, relinquished his voting authority in the exchange’s local entity.
In September 2022, Binance was granted a preliminary license for a minimally viable product by the VARA regulatory body. With this approval, Binance can now provide a selection of digital asset services catering to both qualified retail and institutional investors.
After a year and a half, Binance obtained its complete licensure following an initial approval. In contrast, QCP Capital might secure their full regulatory approval more swiftly since their trading desk undergoes less rigorous oversight compared to Binance.
In February, the ADGM (Abu Dhabi Global Market) entered into an agreement with the Solana Foundation for the purpose of fostering progress in the field of distributed ledger technology (DLT).
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2024-05-07 15:32