Abu Dhabi Welcomes First Singaporean Crypto Agency with Preliminary Approval

• QCP Capital acquired preliminary regulatory approval to function in Abu Dhabi.
• The Singaporean agency reported $60 billion in 2023 crypto derivatives quantity.
• UAE’s crypto-friendly insurance policies proceed as Binance secures VASP license in Dubai.

QCP Capital, a number one international crypto choices buying and selling platform, has acquired preliminary regulatory approval to arrange operations in Abu Dhabi. This improvement marks a considerable step for the Singapore-based agency, which turns into the primary of its type to realize such approval within the area.

The Monetary Companies Regulatory Authority of Abu Dhabi World Markets (ADGM) granted in-principle approval for QCP Capital to have interaction in regulated digital asset actions, per a press release launched on Could 7. 

QCP Capital reported a staggering $60 billion in crypto derivatives buying and selling quantity in 2023. The agency’s enlargement into Abu Dhabi is predicted to solidify its crypto derivatives market place additional. The agency boasts practically 70 staff, a few of whom are anticipated to transition to the brand new Abu Dhabi workplace after finalizing full regulatory approval.

Melvin Deng, the CEO of QCP, expressed his optimism concerning the transfer. He praised Abu Dhabi’s regulators for his or her forward-thinking method to digital property and integration with conventional finance.

Notably, the UAE continues to ascertain itself as a crypto haven, providing in-principle approval to numerous crypto corporations. Final month, Binance, the world’s largest crypto trade, secured a Digital Asset Service Supplier (VASP) license in Dubai. The trade attained full licensing following the relinquishment of voting energy by co-founder Changpeng Zhao within the native entity.

Binance’s journey to full licensing took over one and a half years from its preliminary minimal viable product license granted by VARA in September 2022. Nevertheless, QCP Capital could expertise a swifter transition to full licensing, on condition that it isn’t beneath the identical degree of regulatory examination as Binance.

ADGM’s pro-crypto stance can also be highlighted by its current collaboration with the Solana Basis, which, via a memorandum of understanding signed in February, goals to advertise the event of distributed ledger expertise (DLT).