Digital asset firm QCP Group has secured a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi. This regulatory approval complements their existing payment license in Singapore.
According to Darius Sit, the Founder of QCP, this new licensing agreement significantly enhances the company’s capacity to seamlessly connect operations between Asia and the Middle East. He emphasized, “Our priority is to provide institutional investors with a secure, transparent, and continuously available (24/7) trading platform.”
The UAE license will enable QCP to broaden its service offerings to institutional and professional clientele. These services include spot and derivatives trading in cryptocurrency, along with market-making and custom-designed solutions.
Arvind Ramamurthy, the Chief Market Development Officer at ADGM, stated, “QCP’s strong emphasis on adhering to regulations and offering innovative digital asset solutions is perfectly aligned with ADGM’s goal of cultivating a reliable and vibrant financial landscape.”
QCP’s entry into the ADGM market places them in competition with other players, such as M2 exchange, which has recently shifted its focus to providing crypto services tailored to institutional clients. This announcement also follows reports that the UAE, through a sovereign wealth fund, possesses approximately $700 million in Bitcoin.
Furthermore, several sovereign wealth funds, including Mubadala from the UAE and Norway’s sovereign fund, maintain investments in Bitcoin through instruments like exchange-traded funds (ETFs) and other investment vehicles.
Currently, the UAE regulates 36 licensed Virtual Asset Service Providers (VASPs) under the supervision of VARA in Dubai.
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