QCP, a digital belongings buying and selling agency primarily based in Singapore, has obtained in-principal approval from Abu Dhabi’s monetary regulator.
QCP mentioned in April it was increasing to the Center East.
Digital belongings buying and selling agency QCP Capital mentioned it obtained In-Precept Approval from the Monetary Companies Regulatory Authority (FSRA) of Abu Dhabi International Market (ADGM).
The Singapore-based agency is the newest digital belongings firm to determine a licensed presence in Abu Dhabi. In April, throughout Token 2049 in neighboring Dubai, it mentioned it signed a partnership with Additional Ventures to develop into the Center East.
“Our intention is to be a accountable participant that desires to assist market confidence,” CEO Melvin Deng mentioned in an announcement. “We’re proud to be the primary Singaporean digital asset market maker and broker-dealer to arrange right here available in the market and hope we are able to encourage others to enterprise into this dynamic market.”
Abu Dhabi International Market is likely one of the fastest-growing crypto hubs within the area.
“We wish to study from what different gamers are doing in Abu Dhabi and the area and produce our experience as a primary mover in digital belongings to the ecosystem,” Deng mentioned.
Chainalysis reported in October 2023 that the majority UAE digital asset transactions have been massive institutional investments.
In December, Coinbase’s new blockchain-based monetary merchandise for institutional buyers additionally obtained in-principle approval from the FSRA.