QCP, a global institutional digital assets company, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities.
According to the statement, 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.
According to the statement, “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.”
Founded in 2017, QCP is a pioneer in a rapidly growing segment and it is one of the largest trading desks in the world for digital asset derivatives and a provider of trading solutions and structured strategies.
Arvind Ramamurthy, Chief of Market Development at ADGM, said that, “We congratulate QCP on receiving its IPA from ADGM and welcome them to Abu Dhabi’s thriving international financial center. With a leading trading desk and digital asset capabilities, we look forward to QCP’s integration into ADGM’s ecosystem.”
“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,” Melvin Deng, CEO of QCP.
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