As an experienced financial analyst, I find QCP Capital’s expansion into Abu Dhabi to be a strategic move that underscores the growing importance of digital assets in the global financial ecosystem. The initial approval granted by the Financial Services Regulatory Authority of Abu Dhabi Global Market marks a significant milestone for the Singapore-based crypto firm, positioning it as the first digital asset market maker and broker dealer to receive such recognition.
As a researcher studying the crypto options trading industry, I’ve come across some noteworthy news. QCP Capital, a well-known player in this field, has obtained preliminary authorization to set up shop in Abu Dhabi. This represents a substantial expansion for crypto businesses in the Middle East. However, it is important to note that the firm is yet to secure final approval from the relevant authorities in the region.
QCP Bags Regulatory Nod In Abu Dhabi
The Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) announced on Tuesday, May 7, that it has given QCP Capital the green light to conduct regulated activities. This makes QCP the first market maker and broker dealer based in Singapore to receive preliminary approval from ADGM.
As a crypto investor, I’m excited about the growing interest of the United Arab Emirates (UAE) in attracting more cryptocurrency entities. Companies like Binance, OKX, and Nomura’s Laser Digital have already taken steps to establish a presence there. For instance, QCP, which handled nearly $60 billion in crypto derivatives trading volume last year, plans to relocate some of its 70-plus employees to Abu Dhabi once they secure a full license. This influx of prominent players is a positive sign for the crypto industry’s development in the region.
Melvin Deng, CEO of QCP, highlighted Abu Dhabi’s forward-thinking regulatory perspective during an interview with Bloomberg. He stressed that Abu Dhabi views digital assets as an integral part of the financial sector as a whole, rather than a separate entity. According to the report, Deng expressed, “Abu Dhabi’s regulators are truly progressive because they consider digital assets as an encompassing ecosystem that includes traditional finance.”
Additionally, Deng pointed out that geographical factors played a role in QCP’s growth plan due to cryptocurrency’s global reach. To provide some context, according to a report from Ernst & Young published in September 2023, monthly crypto derivatives trading volume exceeded $1.33 trillion. Notably, most of this activity transpired outside the United States.
“I observe that the Middle East serves as an effective meeting point for financial inflows from Europe and Asia. Furthermore, I see striking resemblances between this region and Singapore, and my aim is to harness these similarities to create a thriving new marketplace.”
Recent Partnership In Abu Dhabi
In a fresh piece of news, QCP has revealed a new alliance with Abu Dhabi’s Further Ventures. The objective of this union is to spearhead innovative digital asset offerings. Once granted a complete license, the company intends to focus on essential operations like trading and market making within the region.
Arvind Ramamurthy, the head of market development at ADGM, is bullish about the developing digital assets sector in the Middle East. He also believes that more businesses, similar to QCP, will discover the advantageous regulatory frameworks provided by ADGM, boosting their confidence in establishing a presence in Abu Dhabi as their regional hub.
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2024-05-07 14:29