As an analyst with extensive experience in the crypto industry, I’m thrilled to see QCP Capital’s latest expansion into Abu Dhabi. The company’s strategic move aligns with the growing recognition of the Middle East as a significant player in the global crypto derivatives market.
Expert: QCP Capital, a prominent player in the global digital assets market making and broker-dealer sector, has made substantial progress in its plans for international expansion. As per recent reports from Bloomberg, the company has secured initial approval to establish a presence in Abu Dhabi and delve into their burgeoning digital asset market. The Financial Services Regulatory Authority of Abu Dhabi Global Market has granted QCP Capital a license, enabling it to provide regulated crypto services to clients in the region, adhering to local legal requirements.
QCP’s Middle East Vision
The latest advancement enables the company to become the pioneer in offering crypto options in Singapore, having obtained initial authorization to function in the UAE.
Melvin Deng, the CEO of QCP, revealed that the forward-thinking attitude of Abu Dhabi towards cryptocurrency was a major factor in the company’s decision to establish a presence there. Additionally, he mentioned that the Emirates’ geographical location played a significant role in QCP’s expansion plans for the region.
The Emirates, like Singapore, offers significant market prospects for QCP. We intend to capitalize on this equivalence and develop yet another flourishing business hub in the area.
“Deng stated that the Middle East serves as an excellent intersection for financial inflows from Europe and Asia. It shares some characteristics with Singapore, which we aim to utilize in order to create another thriving marketplace.”
Global Crypto Derivatives Landscape
From a comprehensive perspective on the worldwide cryptocurrency derivatives sector, a recent Ernst & Young report disclosed that the monthly trading volume amounted to an impressive $1.33 trillion in September 2023. Remarkably, the majority of these transactions took place outside the US borders. In line with QCP’s strategic expansion plans, this trend aligns perfectly with their ambition to capitalize on the burgeoning Middle Eastern market and strengthen their footing within the crypto industry. It is noteworthy that QCP isn’t alone in its endeavor; other crypto companies are also making strides to establish a presence in the region.
Some well-known cryptocurrency trading platforms, including Rain and eToro, have secured regulatory approvals from the ADGM to lawfully conduct business in the Emirates.
As an analyst, I would interpret this development as a reflection of the increasing significance of cryptocurrency markets in the Middle East. Going beyond just Abu Dhabi’s market, companies like OKX have managed to obtain regulatory approval to establish their presence in other regions within the Middle East, such as Dubai.
In the early part of January, OKX’s Middle Eastern branch secured a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This achievement enables the exchange to offer its digital asset services to retail and institutional clients within the region.
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2024-05-07 18:49