QCP Capital Secures Regulatory Approval for Digital Asset Business in Abu Dhabi

In a significant development for the digital asset industry, QCP Capital has received in-principle approval for its regulated digital asset business from the Financial Services Authority Abu Dhabi Global Markets (ADGM), as reported by Bloomberg.

Arvind Ramamurthy, Chief of Market Development at ADGM, highlighted the evolving digital assets landscape in the Middle East and the attractiveness of ADGM’s regulatory frameworks. He said, “As the digital assets landscape continues to evolve in the Middle East, we anticipate more companies like QCP to recognize the progressive and comprehensive nature of ADGM’s regulatory frameworks, fostering confidence in choosing Abu Dhabi as their regional base.”

Pioneering Market Maker in Abu Dhabi

QCP Capital has made history by becoming the first market maker and cryptocurrency broker to receive preliminary approval in the capital of the United Arab Emirates. CEO Melvin Deng emphasized Abu Dhabi’s strategic position as a hub for capital flows between Europe, the Middle East, and Asia. He said,

“The Middle East is actually quite a good confluence for capital flows from Europe, to the Middle East region, as well as Asia.”

Through 2023, QCP, one of the biggest cryptocurrency options trading companies, would have traded $60 billion worth of bitcoin derivatives. The company, which employs about 70 people, intends to move part of its workers to Abu Dhabi after all regulatory permission is obtained.

The allure of Abu Dhabi as a location for cryptocurrency enterprises is increasing, in contrast to the US’s waning attraction as a hub for international growth in this field.

In an effort to increase its market share in the Middle East, QCP Capital teamed up with Further Ventures last month. By working together, we want to create new financial solutions that will facilitate the trading and storage of cryptocurrency assets, demonstrating QCP’s dedication to promoting innovation and regional development.