Singapore-based cryptocurrency trading platform QCP Capital has secured a significant step towards expanding its operations in the Middle East after receiving in-principle approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This approval allows QCP Capital to conduct regulated crypto activities within the ADGM free zone, positioning the firm as a pioneer for Singaporean crypto market makers in the region.
The in-principle approval, often abbreviated as IPA, signifies the FSRA’s provisional go-ahead for QCP Capital’s licensing application. Once QCP Capital receives the full license, it will be authorized to provide regulated crypto services in Abu Dhabi. This move aligns with QCP Capital’s strategic vision to establish a presence in the Middle East, which the company views as an emerging hub for investment in both traditional and digital assets.
Melvin Deng, CEO of QCP Capital, hailed the IPA as a momentous achievement for the company. He emphasized QCP Capital’s role as the first Singaporean crypto market maker to be granted approval in Abu Dhabi and expressed hope that this would pave the way for other firms to enter this rapidly growing market. He further stated QCP Capital’s commitment to collaborating with regional players and contributing its expertise to the development of the crypto ecosystem in Abu Dhabi.
QCP Capital’s foray into Abu Dhabi comes on the heels of its recent partnership with Further Ventures, a prominent venture building and investment firm headquartered in Abu Dhabi. This collaboration is expected to leverage Further Ventures’ broker-dealer license and custodial platforms to facilitate the distribution of QCP Capital’s new product offerings.
Arvind Ramamurthy, Chief of Market Development at ADGM, expressed optimism regarding the in-principle approval granted to QCP Capital. He anticipates that more companies will follow suit, recognizing the progressive and comprehensive regulatory framework established by ADGM. This framework, according to Ramamurthy, fosters confidence in Abu Dhabi’s ability to serve as a regional base for crypto businesses.
The approval granted to QCP Capital signifies a growing acceptance of cryptocurrency within the Middle East’s financial landscape. As regulatory frameworks evolve and provide greater clarity, the region is poised to attract a wider range of crypto businesses and investors, potentially solidifying its position as a future hub for the digital asset industry.
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This article first appeared on 1Arabia.com and is brought to you by Hyphen Digital Network
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