QCP Capital Secures Approval to Expand into Abu Dhabi, Strengthening Presence in the Middle East

Dubai QCP Capital
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

QCP Capital, a prominent options trading desk for digital assets, has received initial approval to operate in Abu Dhabi, marking its expansion into the Middle East. The Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) has granted in-principle approval to the company, making it the first digital-asset market maker and broker dealer from Singapore to receive such recognition in the region, Bloomberg reported Tuesday. QCP Capital plans to relocate a portion of its 70-plus employees to Abu Dhabi once it obtains a full license.

QCP Capital Recorded $60B in Crypto Derivatives in 2023

QCP Capital generated nearly $60 billion in crypto derivatives trading volume last year.The company’s CEO, Melvin Deng, expressed enthusiasm about the forward-thinking regulators in Abu Dhabi, highlighting their friendly approach to digital assets and their integration with traditional finance. In an interview with Bloomberg, Deng explained that Abu Dhabi’s strategic geographical location played a significant role in QCP’s decision to expand into the region, considering the global nature of the cryptocurrency industry.According to a report by Ernst & Young, the monthly volume of crypto derivatives reached $1.33 trillion as of September 2023, with the majority of activity occurring outside the United States.Deng also emphasized the Middle East’s potential as a hub for capital flows, serving as a link between Europe, Asia, and the Middle East region.Drawing parallels to QCP’s home base in Singapore, he stated that the company aims to leverage the region’s capabilities to establish another marketplace. QCP recently formed a partnership with Abu Dhabi-based Further Ventures, signaling its commitment to developing new digital asset products in collaboration with local entities.Once QCP obtains the full license, its initial focus in the Middle East will be on core businesses such as trading and market making. 

UAE Continues to Attract Crypto Firms

The United Arab Emirates (UAE) has been actively working to attract more cryptocurrency companies, successfully enticing operations from major players like Binance, OKX, Bitget, and Nomura’s Laser Digital. 

More recently, Austrian crypto exchange Bitpanda revealed it is expanding its operations to the Middle East and opening a regional office in the UAE.

The firm has tapped former 1inch Network’s business development and head of growth Walid Benothman to lead its operations in the region.

As reported, the UAE plans to use crypto for trade in the future and also set up a working regulatory framework, according to the country’s minister of state for foreign trade. 

Last year, Thani Al-Zeyoudi said the country is considering a trade in currencies other than the US dollar. 

One area the country is looking to expand is cryptocurrencies, he said, adding:

“Crypto will play a major role for UAE trade going forward. The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

Al-Zeyoudi added that the UAE continues to work on its crypto regulatory regime. He said the focus will be on making the Gulf country a major hub with crypto-friendly policies that also have sufficient protections in place. 

More Articles

Blockchain News
Fineqia AG Partners with Copper.co to Provide Custody for ETN Business
Tanzeel Akhtar
Tanzeel Akhtar
2025-02-06 21:29:21
Altcoin News
Cardano Price Analysis: Is February Going to be a “Crazy Month” of ADA Gains?
Joel Frank
Joel Frank
2025-02-06 19:07:19
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors