QCP, a global institutional digital assets company, has received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities.
It was shared that a key reason QCP, founded in 2017, chose ADGM as a base for its expansion is that the FSRA exists as the first regulator globally to introduce and implement a comprehensive and bespoke regulatory framework for the regulation of exchanges, custodians, brokers, and other intermediaries engaged in virtual asset activities.
The progressiveness in the last few years has also created a strong foundation for institutions like QCP to enter, it said.
Melvin Deng, CEO, QCP, commented: “The IPA is a significant development for us and advances our goal of embracing greater regulation. We are committed to meeting ADGM’s transparent and high standards of regulatory compliance. Our intention is to be a responsible player that wants to support market confidence.”
“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.”
Arvind Ramamurthy, Chief of Market Development at ADGM added: “We congratulate QCP on receiving its IPA from ADGM and welcome them to Abu Dhabi’s thriving international financial centre. With a leading trading desk and digital asset capabilities, we look forward to QCP’s integration into ADGM’s ecosystem, which will streamline regional opportunities. As the digital assets landscape continues to evolve in the Middle East, we anticipate more companies like QCP to recognise the progressive and comprehensive nature of ADGM’s regulatory frameworks, fostering confidence in choosing Abu Dhabi as their regional base.”
QCP noted that it will continue to have its main company headquarters in Singapore while leveraging Abu Dhabi as a base to break new ground and drive innovation.
Subject to the regulatory approval for the FSP grant, the company plans on making further investments to invest in their presence in the UAE.