QCP Capital, a platform specializing in crypto options trading, has been given the green light to commence operations in Abu Dhabi.
As reported by Bloomberg, QCP Capital has secured preliminary approval from the Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM) to establish its regulated digital asset business.
This milestone marks QCP Capital as the inaugural market maker and cryptocurrency broker to receive such provisional clearance in the capital city of the United Arab Emirates.
QCP, renowned as one of the largest firms in cryptocurrency options trading, has amassed a staggering $60 billion in cryptocurrency derivatives trading volume throughout 2023. The company, which boasts a team of approximately 70 professionals, intends to relocate some of its staff to Abu Dhabi following the acquisition of full regulatory approval.
Abu Dhabi is emerging as a favored hub for cryptocurrency enterprises, contrasting with a declining attractiveness of the United States for global expansion efforts within this sector.
In a recent development, QCP Capital joined forces with Further Ventures to bolster its presence in the Middle Eastern markets. Together, QCP and Further Ventures aim to innovate new financial products tailored for trading and safeguarding crypto assets.
Summary Review: QCP Capital’s receipt of preliminary approval to operate in Abu Dhabi signifies a significant step forward for the company and the cryptocurrency industry as a whole. With plans to establish regulated digital asset services in the UAE capital, QCP Capital is poised to expand its presence in a region increasingly receptive to cryptocurrency ventures. This strategic move, coupled with its partnership with Further Ventures, underscores QCP’s commitment to innovation and growth in the evolving landscape of digital finance. As Abu Dhabi emerges as a prominent destination for cryptocurrency firms, QCP Capital’s entry into the market heralds exciting prospects for the future of digital asset trading and investment in the Middle East.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
