QCP Capital, a leading cryptocurrency options trading platform, has received initial regulatory approval to operate in Abu Dhabi, marking its expansion into the region. The Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM) has granted in-principle approval for QCP Capital’s regulated digital asset activities, making it the first Singapore-based crypto market maker and broker to receive preliminary approval in the region. The firm, which has accumulated $60 billion in crypto derivatives trading volume in 2023, plans to relocate some of its employees to Abu Dhabi once it obtains full regulatory approval. The approval aligns with the UAE’s goal of becoming a major global cryptocurrency hub. Binance, the world’s largest crypto exchange, also received a Virtual Asset Service Provider (VASP) license in Dubai recently. ADGM previously signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology (DLT).
Report: Abu Dhabi grants license to QCP Capital's crypto options desk