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QCP Capital, the well-known digital asset options trading desk, has received initial approval to open for business in Abu Dhabi, launching its Middle Eastern expansion. 
According to a <a href="https://www.qcpgroup.com/insights/press-release-qcp-receives-in-principle-approval-in-the-abu-dhabi-global-market-adgm/" data-type="link" data-id="https://www.qcpgroup.com/insights/press-release-qcp-receives-in-principle-approval-in-the-abu-dhabi-global-market-adgm/" target="_blank" rel="noopener">statement</a> released on Tuesday, QCP Capital is set to conduct regulated activities in the region, positioning itself as a key player in the emerging crypto landscape of the Middle East. 
A representative for ADGM said that the company is the first to be granted preliminary clearance as a digital asset market maker and broker-dealer domiciled in Singapore. 
The United Arab Emirates has intensified its efforts to entice more crypto firms, successfully attracting operations from Binance, OKX, and Nomura’s Laser Digital. QCP, boasting nearly $60 billion in crypto derivatives trading volume last year, intends to transfer some of its over 70 employees to Abu Dhabi upon obtaining a full license. 
QCP’s CEO, Melvin Deng, stated that Abu Dhabi’s authorities are quite innovative in that they view digital assets as part of a whole ecosystem alongside traditional banking. Deng noted that the company’s expansion decision was influenced by geographical considerations, acknowledging the global scope of the crypto sector.&nbsp; 
According to a report from Ernst &amp; Young, as of September 2023, the monthly trading volume of crypto derivatives soared to $1.33 trillion, with a significant portion of this activity taking place beyond US borders. 
Deng joined the QCP in 2021 after working for Standard Chartered Bank for more than 15 years. Deng added, “The Middle East is quite a good confluence for capital flows from Europe, to the Middle East region as well as Asia. So it’s got similar properties to what we have in Singapore, and we want to leverage on their capabilities to establish another marketplace.” 
Recently, QCP and Further Ventures, based in Abu Dhabi, announced their alliance. The two companies intend to work together to develop new digital asset solutions. Following the issuance of the complete license, QCP will prioritize its main operations in the area, which include trading and market making. 
Arvind Ramamurthy, ADGM’s chief of market development, expects more firms to follow QCP’s lead and choose Abu Dhabi as their regional base due to ADGM’s progressive regulatory frameworks. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/02/08/abu-dhabi-global-market-solana-forge-strategic-partnership/" target="_blank" rel="noreferrer noopener">Abu Dhabi Global Market &amp; Solana Forge Strategic Partnership</a> 
</blockquote>

QCP Capital Receives Initial Approval for Abu Dhabi Expansion

The Crypto Times

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