QCP Receives In-Principal Approval From Abu Dhabi Regulator

As a seasoned crypto investor with a keen interest in the digital assets market, I am thrilled to hear about QCP Capital’s recent milestone of receiving in-principal approval from Abu Dhabi’s financial regulator. This news comes as no surprise given their announcement back in April that they were expanding to the Middle East.

QCP Capital, a digital assets trading company, announced it has been given preliminary approval by the Financial Services Regulatory Authority (FSRA) based in Abu Dhabi Global Market (ADGM).

As a crypto investor, I’m excited to share that a Singapore-based digital assets firm has recently set up shop in Abu Dhabi with a licensed presence. During Token 2049 in Dubai back in April, they announced a partnership with Further Ventures to broaden their horizons in the Middle East region.

“Melvin Deng, our CEO, expressed our commitment as a trustworthy participant in the market by stating, ‘We aim to bolster market faith.’ As the inaugural Singaporean intermediary for digital assets, dealing both as a market maker and broker-dealer, we are pleased to establish our presence here and look forward to inspiring more businesses to join this vibrant sector.”

Abu Dhabi Global Market is one of the fastest-growing crypto hubs in the region.

“Deng expressed his intent to gain insights from the actions of other players in Abu Dhabi and the surrounding area, while also planning to contribute our advanced knowledge in digital assets as a pioneer in this field to the local community.”

As a crypto investor, I’d interpret that report from Chainalysis released in October 2023 this way: The majority of digital asset transactions taking place in the UAE were sizable investments made by institutions.

In December, the Financial Services Regulatory Authority (FSRA) gave its preliminary green light to Coinbase’s latest financial offerings based on blockchain technology, specifically designed for institutional investors.