Report: Abu Dhabi grants license to QCP Capital, a cryptocurrency options desk

QCP Capital, a renowned cryptocurrency options trading platform, has been granted initial regulatory approval to operate in Abu Dhabi, marking another significant expansion for the crypto firm in the region. The Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM) has given in-principle approval for QCP Capital’s regulated digital asset activities, as reported in a statement on May 7th by Bloomberg. This milestone makes QCP Capital the first Singapore-based crypto market maker and broker to receive preliminary approval in the region, according to an ADGM spokesperson. With nearly $60 billion in crypto derivatives trading volume in 2023, QCP Capital is one of the largest crypto options trading desks globally. The company plans to relocate some of its nearly 70 employees to Abu Dhabi once it secures full regulatory approval. Melvin Deng, QCP’s CEO, expressed his enthusiasm about the news, highlighting the UAE’s efforts to become a leading global cryptocurrency hub. He also mentioned that the in-principle approval aligns with these aspirations. Furthermore, Binance, the world’s largest crypto exchange, recently received a Virtual Asset Service Provider (VASP) license in Dubai, following a preparatory minimal viable product license from VARA in September 2022. This development showcases the UAE’s commitment to fostering the growth of the cryptocurrency industry. While Binance obtained its full license after one and a half years, QCP Capital is optimistic that it will receive its full regulatory license sooner, as it is not facing the same level of regulatory scrutiny. In February, ADGM signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology (DLT), emphasizing the region’s commitment to embracing blockchain innovation.