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Cryptocurrency News Articles
QCP Capital Eyes Middle East Crypto Market Expansion with Abu Dhabi Approval
May 07, 2024 at 11:42 pm
QCP Capital, a leading digital assets market maker, has obtained in-principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate in Abu Dhabi. This milestone marks the company's first international expansion and positions it as the first crypto options desk in Singapore to secure approval in the UAE. QCP's expansion to Abu Dhabi is driven by the region's progressive approach to crypto and the strong market potential it offers, similar to Singapore's.
QCP Capital Secures In-Principle Approval to Operate in Abu Dhabi, Bolstering Crypto Market Presence in the Middle East
Singapore, March 2023: QCP Capital, a leading global digital assets market maker and broker-dealer, has announced a significant milestone in its international expansion plans. The company has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to enter the emirate's digital asset market.
This license will enable QCP Capital to offer regulated crypto services to customers in the region in full compliance with local regulations. The approval makes QCP the first crypto options desk in Singapore to secure preliminary authorization to operate in the United Arab Emirates (UAE).
Progressive Approach to Crypto Spurs QCP's Expansion
QCP Capital's CEO, Melvin Deng, highlighted the company's strategic decision to target Abu Dhabi based on its progressive approach to cryptocurrency regulation. The geographical location of the Emirates, situated at a confluence of capital flows from Europe, the Middle East, and Asia, played a crucial role in QCP's decision to expand into the region.
"The Middle East presents similar market potential to Singapore, and we want to leverage this opportunity to establish another thriving marketplace," Deng explained. "We believe that Abu Dhabi, with its well-defined regulatory framework, will provide a conducive environment for our growth."
Global Crypto Derivatives Market on an Upswing
A recent report by Ernst & Young reveals that the monthly trading volume of crypto derivatives reached $1.33 trillion in September 2023. Notably, the majority of this trading activity took place outside the United States, underscoring the growing global demand for regulated crypto services.
QCP Capital's expansion into the Middle East aligns with this growing market trend. The company's strategy is to capitalize on the thriving crypto market in the region while solidifying its position as a leading player in the global crypto industry.
Middle East Emerges as a Hub for Crypto Innovation
QCP Capital is not the only crypto firm expanding into the Middle East. Other notable crypto trading platforms, such as Rain and eToro, have also obtained regulatory licenses from the ADGM. This influx of crypto companies signals a growing recognition of the importance of crypto markets in the region.
Beyond Abu Dhabi, other Middle Eastern regions such as Dubai have also taken steps to promote crypto innovation. For instance, OKX's Middle East subsidiary recently secured a virtual asset service provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).
Conclusion
QCP Capital's in-principle approval to operate in Abu Dhabi marks a significant step in the company's international expansion strategy. It underscores the growing importance of crypto markets in the Middle East and the region's commitment to fostering innovation in the digital asset space. As the Middle East continues to embrace cryptocurrency, QCP Capital is poised to play a pivotal role in shaping the future of the industry in the region.
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