First digital assets market maker and
broker-dealer from Singapore to
achieve an In-Principle Approval from the FSRA
SINGAPORE, May 7, 2024 /PRNewswire/ -- QCP, a global
institutional digital assets company, today announced that they
have received In-Principle Approval from the Financial Services
Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to
conduct regulated activities. The decision to make a move into this
strategic market for the company's footprint was in anticipation
that the Middle East is going to
become a dominant global hub for capital flowing into traditional
and digital assets.
The IPA marks a significant milestone in QCP's journey and
commitment towards becoming a regulated digital assets business. A
major reason QCP has chosen ADGM as a base for its expansion is
that the FSRA exists as the first regulator globally to introduce
and implement a comprehensive and bespoke regulatory framework for
the regulation of exchanges, custodians, brokers, and other
intermediaries engaged in virtual asset activities. The
progressiveness in the last few years has also created a strong
foundation for institutions like QCP to enter.
Founded in 2017, in the early days of the rise of digital
assets, QCP is a pioneer in a rapidly growing segment. It is one of
the largest trading desks in the world for digital asset
derivatives and a provider of trading solutions and structured
strategies. Ernst & Young finds that as of September 2023, the monthly volume of crypto
derivatives stands at US$1.33
trillion, which is nearly four times the size of the crypto
spot market. With most of the crypto derivative market currently
existing outside the US, Abu Dhabi
and the UAE have a lot of potential to capture this market
segment.
In addition, with notable financial institutions such as Goldman
Sachs and Brevan Howard launching in Abu
Dhabi last year, Abu Dhabi
is rapidly attracting its target segment of clients including
family offices, traditional and crypto native macro hedge funds,
high net worth individuals, blockchain protocols, VC funds,
brokerages and more. QCP also previously announced a partnership
with Further Ventures, which is reflective of how the company plans
to meet the demand for financial and derivatives digital asset
offerings in the market.
Melvin Deng, CEO, QCP said, "The
IPA is a significant development for us and advances our goal of
embracing greater regulation. We are committed to meeting ADGM's
transparent and high standards of regulatory compliance. Our
intention is to be a responsible player that wants to support
market confidence. We are proud to be the first Singaporean
digital asset market maker and broker-dealer to set up here in the
market and hope we can encourage others to venture into this
dynamic market. We want to learn from what other players are
doing in Abu Dhabi and the region
and bring our expertise as a first mover in digital assets to the
ecosystem."
Arvind Ramamurthy, Chief of
Market Development at ADGM said, "We congratulate QCP on receiving
its IPA from ADGM and welcome them to Abu
Dhabi's thriving international financial centre. With a
leading trading desk and digital asset capabilities, we look
forward to QCP's integration into ADGM's ecosystem, which will
streamline regional opportunities. As the digital assets landscape
continues to evolve in the Middle
East, we anticipate more companies like QCP to recognise the
progressive and comprehensive nature of ADGM's regulatory
frameworks, fostering confidence in choosing Abu Dhabi as their regional base."
QCP will continue to have its main company headquarters in
Singapore while leveraging on
Abu Dhabi as a base to break new
ground and drive innovation. It is well positioned to expand on the
back of strong business growth, with a 64 % Y-o-Y increase in Q1
trading volumes. In line with QCP's long term commitment to the
UAE, subject to the regulatory approval for the grant of the FSP,
the company plans on making further investments to invest in their
presence in the UAE.
About QCP
Established in 2017, QCP is one of the first digital asset
trading firms in Singapore, with a
vision to partner the next generation of investors to unlock
institutional opportunities in digital assets.
QCP brings to clients deep expertise gained from thriving
through multiple market cycles. A global market maker in digital
asset derivatives with a vast network of liquidity providers and
counterparties, we are shaping the future of digital asset markets
through greater access and efficiency. We offer a range of tailored
derivatives and spot trading as well as structured solutions to
institutional, professional and accredited investors.
An active early-stage investor in crypto and blockchain, QCP's
portfolio includes core trading infrastructure, exchanges, data and
token ecosystems. QCP is supported by over 70 professionals in
trading, business development, operations, risk and compliance
teams. QCP is headquartered in Singapore.
QCP's insights cover weekly trading updates, monthly and
quarterly views, and can be accessed on our official social
platforms such as Telegram, Twitter, LinkedIn and more.
More information can be found at www.qcpgroup.com.
View original
content:https://www.prnewswire.co.uk/news-releases/qcp-receives-in-principle-approval-in-the-abu-dhabi-global-market-adgm-302138346.html