QCP Group (QCP), a crypto trading entity has received a Financial Services Permission (FSP) license from the Abu Dhabi’s International Financial Centre (ADGM). The company already holds a payment license in Singapore.
Darius Sit, Founder of QCP noted that the new license strengthens their ability to bridge operations between Asia and the Middle East. He stated, “Our commitment is to bring institutional clients security, transparency, and a seamless 24/7 platform.”
With the UAE license QCP will be able to offer crypto spot and derivatives trading, market making, and structure solutions for institutional and professional clients.
Arvind Ramamurthy, Chief Market Development Officer at ADGM noted, “QCP’s focus on regulatory compliance and innovative digital asset solutions aligns seamlessly with ADGM’s vision of fostering a trusted and dynamic financial ecosystem.”
QCP will be competing with others in the space that include M2 exchange which has now geared its crypto offering to institutional clients. The announcement also comes after news showed that the UAE through a sovereign wealth fund owns $700 million worth of Bitcoin.
Additionally, sovereign wealth funds, including the UAE’s Mubadala and Norway’s sovereign fund, have exposure to Bitcoin through exchange-traded funds (ETFs) and other investment vehicles.
The UAE currently has 36 licensed VASP entities under VARA in Dubai as well.
See also South Korea to join OECD’s crypto-asset reporting framework
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Source: https://www.cryptopolitan.com/qcp-crypto-trading-license-uae/
