Singapore’s QCP Group Secures Key Abu Dhabi Crypto License
Singapore-based digital asset buying and selling agency QCP Group has received a full license from Abu Dhabi’s Financial Services Regulatory Authority, increasing into one of many world’s most formidable crypto hubs.
The license, granted below the Abu Dhabi Global Market (ADGM), permits QCP to offer spot and derivatives buying and selling, market making and structured options for institutional {and professional} shoppers. The agency already holds a Major Payment Institution license from the Monetary Authority of Singapore.
Founder Darius Sit mentioned the Abu Dhabi approval marked a cornerstone in QCP’s international technique. He additionally described the Middle East as an important area for digital belongings. Moreover, he famous that the ADGM framework provides institutional shoppers confidence in each safety and regulatory oversight.
Strategic Location Positions ADGM As Gateway To MENA And Asia
Abu Dhabi has positioned itself as a number one vacation spot for crypto corporations.
In 2018, the FSRA launched one of many world’s first complete frameworks for digital belongings. Since then, it has labored to draw exchanges, custodians, and token issuers. To achieve this, it depends on strict compliance requirements and favorable tax insurance policies.
Major investments have strengthened the emirate’s wider push into digital belongings. In March, Abu Dhabi’s MGX fund committed $2b to Binance, exhibiting its intent to compete with different international monetary facilities.
Market members say the mix of clear guidelines, tax benefits and geographic attain makes ADGM interesting to corporations looking for to function throughout the Middle East, Africa and Asia.
Applicants Face Heavy Costs, Stringent Compliance Demands
However, the licensing course of is demanding. Applicants face high charges, detailed compliance checks and necessities for sturdy governance and cybersecurity frameworks.
Firms should submit detailed enterprise plans, AML and CFT insurance policies, and proof of certified management earlier than profitable approval.
For QCP, the twin licensing in Singapore and Abu Dhabi offers protection throughout two established monetary hubs. The firm says this positioning allows it to bridge liquidity between Asia and the Middle East, whereas providing shoppers 24-hour regulated buying and selling.
Abu Dhabi Attracts More Crypto Firms Seeking Strong Oversight
ADGM’s chief market improvement Officer, Arvind Ramamurthy, welcomed QCP’s addition. He mentioned the group’s deal with regulatory compliance and digital asset innovation suits the middle’s aim of attracting top-tier monetary establishments to the area.
QCP joins a rising listing of corporations utilizing Abu Dhabi as a base for crypto growth. By securing one of many tougher licenses to acquire, the corporate has strengthened its credentials in a sector the place regulators are demanding greater requirements.
As international oversight of digital belongings intensifies, Abu Dhabi is betting that its mixture of progressive regulation and institutional credibility will draw extra gamers like QCP to its shores.
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