QCP Capital Secures Approval to Expand into Abu Dhabi, Strengthening Presence in the Middle East

cryptonews.com:

QCP Capital, a prominent options trading desk for digital assets, has received initial 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 company, making it the first digital-asset market maker and  broker dealer  from Singapore to receive such recognition in the region , Bloomberg  reported Tuesday .

QCP Capital plans to relocate a portion of its 70-plus employees to Abu Dhabi once it obtains a full license.

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.

According to a report by Ernst & Young, the monthly volume of crypto derivatives  reached  $1.33 trillion as of September 2023, with  the majority of  activity occurring outside the United States.

Deng also emphasized the Middle East’s potential as a hub for capital flows,  serving  as a link between Europe, Asia, and the Middle East region.

Drawing parallels to QCP’s home base in Singapore, he stated that the company aims to leverage the region’s capabilities to establish another marketplace. 

QCP recently  formed a partnership  with Abu Dhabi-based Further Ventures, signaling its commitment to developing new digital asset products in