The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted In-Principle Approval to QCP Capital, a digital assets trading firm.The company, headquartered in Singapore, is the most recent provider of digital assets to obtain a license to operate in Abu Dhabi.The company announced that it has partnered with Further Ventures to grow throughout the Middle East during Token 2049 in adjacent Dubai in April.
“Our intention is to be a responsible player that wants to support market confidence,” CEO Melvin Deng said in a statement. “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.”
“We want to learn from what other players are doing in Abu Dhabi and the region and bring our expertise as a first mover in digital assets to the ecosystem,” Deng said.
Abu Dhabi Global Market is one of the fastest-growing crypto hubs in the region.
“We want to learn from what other players are doing in Abu Dhabi and the region and bring our expertise as a first mover in digital assets to the ecosystem,” Deng said.
The majority of digital asset transactions in the UAE were significant institutional investments, according to a Chainalysis analysis from October 2023.
The FSRA granted in-principle permission to Coinbase’s new blockchain-based financial products for institutional investors in December.