As a seasoned crypto investor with over a decade of experience in traditional finance before transitioning to digital assets, I’m thrilled to witness QCP Capital’s expansion into Abu Dhabi. This strategic move aligns perfectly with my belief that the crypto industry is global and constantly evolving.
As a crypto investor, I’m excited to share that QCP Capital, a renowned player in the digital asset options trading scene, has obtained preliminary authorization to commence operations in Abu Dhabi. This marks an important step in their Middle Eastern expansion plan.
I. As a financial analyst, I can tell you that QCP Capital has announced its plans to engage in regulated activities within the Middle Eastern crypto market starting from Tuesday. This strategic move positions the firm as a significant player in shaping the burgeoning cryptocurrency landscape of this region.
An ADGM spokesperson announced that the firm is the initial one to receive conditional approval in Singapore as both a digital asset market maker and broker-dealer.
As an analyst, I’ve observed that the United Arab Emirates (UAE) has ramped up its initiatives to lure cryptocurrency companies, resulting in significant wins such as Binance, OKX, and Nomura’s Laser Digital setting up shop there. QCP, which handled close to $60 billion in crypto derivatives trading volume last year, plans to relocate a substantial portion of its 70-strong workforce to Abu Dhabi once granted a full license.
As an analyst, I’ve observed that Abu Dhabi’s authorities are forward-thinking in their approach to digital assets, viewing them as integral components of a broader financial ecosystem that includes traditional banking. Melvin Deng, QCP’s CEO, shared this perspective during our recent conversation, highlighting the global reach and influence of the crypto sector as a factor in the company’s decision to expand.
Based on data from Ernst & Young’s September 2023 report, the value of crypto derivative transactions reached an astounding $1.33 trillion monthly. A substantial portion of these deals were executed outside the United States.
In 2021, Deng became a member of QCP, having spent over fifteen years with Standard Chartered Bank prior. Deng expressed, “The Middle East serves as a significant intersection for financial inflows from Europe and the Middle East, as well as Asia. It shares some characteristics with Singapore, which we aim to utilize in order to expand our presence in another market.”
More recently, QCP and Further Ventures based in Abu Dhabi revealed their strategic partnership. Their plan is to collaborate on creating innovative digital asset solutions. Post-obtaining a full license, QCP intends to focus its primary business activities, such as trading and market making, in this domain.
As a crypto investor, I’ve been closely following the developments in the Abu Dhabi Global Market (ADGM), and I’m excited about Arvind Ramamurthy’s expectation that more firms will join QCP in establishing their regional bases there. With ADGM’s forward-thinking regulatory frameworks, it makes perfect sense for businesses to take advantage of this business-friendly environment. As an investor, I believe that this progressive approach will attract even more players to the market and contribute to its continued growth.
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2024-05-07 18:45