QCP Capital wins Abu Dhabi license, to introduce digital asset activities

QCP Capital Receives Approval to Operate in Abu Dhabi

Crypto options trading platform QCP Capital has been granted initial permission to operate in Abu Dhabi. QCP Capital received in-principle approval for its regulated digital asset business from the Financial Services Authority Abu Dhabi Global Markets (ADGM), as reported by Bloomberg. This approval marks QCP Capital as the first market maker and cryptocurrency broker to receive preliminary approval in the capital of the United Arab Emirates.

Progressive Regulatory Framework in Abu Dhabi

Arvind Ramamurthy, Chief of Market Development at ADGM, noted, “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.” This move signifies Abu Dhabi’s growing popularity as a destination for cryptocurrency companies, in contrast to the declining appeal of the United States for global expansion in this sector.

QCP Capital’s Expansion and Partnerships

QCP Capital, a prominent cryptocurrency options trading firm with a trading volume of $60 billion in cryptocurrency derivatives through 2023, is expanding its presence in Abu Dhabi. The firm, which has around 70 staff members, including CEO Melvin Deng, plans to relocate some of its team to Abu Dhabi upon receiving full regulatory approval. Additionally, QCP Capital recently partnered with Further Ventures to enhance its services and offerings in the Middle Eastern markets, focusing on creating new financial products for trading and safekeeping crypto assets.

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