QCP Capital Secures Approval to Become Abu Dhabi, Strengthening Presence within the Middle East

QCP Capital, a prominent alternate choices trading desk for digital resources, has acquired preliminary approval to characteristic in Abu Dhabi, marking its growth into the Middle East.

The Monetary Products and providers Regulatory Authority of Abu Dhabi World Market (ADGM) has granted in-principle approval to the corporate, making it the first digital-asset market maker anddealer supplierfrom Singapore to earn such recognition within the situationBloombergreported Tuesday.

QCP Capital plans to relocate a allotment of its 70-plus staff to Abu Dhabi as soon as it obtains a stout license.

Top Stories Tamfitronics QCP Capital Recorded $60B in Crypto Derivatives in 2023

QCP Capital generated close to $60 billion in crypto derivatives trading quantity last yr.

The company’s CEO, Melvin Deng, expressed enthusiasm about the forward-pondering regulators in Abu Dhabi, highlighting their friendly attain to digital resources and their integration with traditional finance.

In an interview with Bloomberg, Deng explained that Abu Dhabi’s strategicgeographicallocation played a prime role in QCP’s decision to lengthen into the situation, contemplating the world nature of the cryptocurrency trade.

Per a memoir by Ernst & Young, the month-to-month quantity of crypto derivativesreached$1.33 trillion as of September 2023, withthe majority ofactivity occurring outdoors the United States.

Deng furthermore emphasised the Middle East’s possible as a hub for capital flows,servingas a hyperlink between Europe, Asia, and the Middle East location.

Drawing parallels to QCP’s home noxious in Singapore, he acknowledged that the corporate goals to leverage the situation’s capabilities to place but any other market.

QCP no longer too long within the pastshaped a partnershipwith Abu Dhabi-basically based Extra Ventures, signaling its dedication to growing modern digital asset merchandise in collaboration with native entities.

Once QCP obtains the stout license, its preliminary focal level within the Middle East will be on core companies similar to trading and market making.

Top Stories Tamfitronics UAE Continues to Attract Crypto Firms

The United Arab Emirates (UAE) has been actively working to entice more cryptocurrency companies, efficiently enticing operations from major gamers cherish Binance, OKX,Bitgetand Nomura’s Laser Digital.

UAE dominating in crypto with 72% into #Bitcoin! No shock, neat strikes from a neat nation. 🇦🇪💰 pic.twitter.com/Nr9mmlYMqQ

— fity.eth (@Fityeth) April 22, 2024

Extra no longer too long within the past, Austrian crypto trade Bitpanda published it’srising its operations to the Middle Eastand opening a regional location of enterprise within the UAE.

The agency has tapped broken-down 1inch Network’s trade model and head of growth Walid Benothman to lead its operations within the situation.

As reported, the UAEplans to exercise cryptofor trade in due route and furthermore subject up a working regulatory framework, per the nation’s minister of voice for international trade.

Last yr, Thani Al-Zeyoudi acknowledged the nation is contemplatinga tradein currencies apart from the US dollar.

One location the nation is calling to lengthen is cryptocurrencies, he acknowledged, along with:

“Crypto will play a prime roleforUAE trade going forward. Essentially the most attractive element is that we make certain that world governance in phrases of cryptocurrencies and crypto companies.”

Al-Zeyoudi added that the UAE continues to work on its crypto regulatory regime.

He acknowledged the level of interest will be on making the Gulf nation a prime hub with crypto-friendly policies that furthermore luxuriate in enough protections in location.