- QCP Capital, a leading digital assets options trading desk, has received preliminary approval to operate in Abu Dhabi, marking its expansion into the Middle East.
- The Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) has granted in-principle approval to the Singapore-based company, making it the first digital-asset market maker and broker dealer from Singapore to receive such recognition in the region.
- QCP Capital plans to relocate a portion of its 70-plus employees to Abu Dhabi once it obtains a full license.
QCP Capital, a leading digital assets options trading desk, is set to expand its operations into the Middle East following preliminary approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).
QCP Capital Recorded $60B in Crypto Derivatives in 2023
QCP Capital generated nearly $60 billion in crypto derivatives trading volume last year. The company’s CEO, Melvin Deng, expressed enthusiasm about the forward-thinking regulators in Abu Dhabi, highlighting their friendly approach to digital assets and their integration with traditional finance. In an interview with Bloomberg, Deng explained that Abu Dhabi’s strategic geographical location played a significant role in QCP’s decision to expand into the region, considering the global nature of the cryptocurrency industry.
UAE Continues to Attract Crypto Firms
The United Arab Emirates (UAE) has been actively working to attract more cryptocurrency companies, successfully enticing operations from major players like Binance, OKX, Bitget, and Nomura’s Laser Digital. More recently, Austrian crypto exchange Bitpanda revealed it is expanding its operations to the Middle East and opening a regional office in the UAE. The firm has tapped former 1inch Network’s business development and head of growth Walid Benothman to lead its operations in the region.
UAE’s Crypto-Friendly Policies
As reported, the UAE plans to use crypto for trade in the future and also set up a working regulatory framework, according to the country’s minister of state for foreign trade. Last year, Thani Al-Zeyoudi said the country is considering a trade in currencies other than the US dollar. One area the country is looking to expand is cryptocurrencies, he said, adding: “Crypto will play a major role for UAE trade going forward. The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Al-Zeyoudi added that the UAE continues to work on its crypto regulatory regime.
Conclusion
The approval of QCP Capital’s operations in Abu Dhabi signifies the UAE’s commitment to fostering a crypto-friendly environment. With its strategic geographical location and forward-thinking regulatory approach, the UAE continues to attract major players in the cryptocurrency industry. As more companies like QCP Capital expand into the region, the UAE is poised to become a significant hub for digital assets.
