Digital assets trading firm QCP Capital said it received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The Singapore-based firm is the latest digital assets company to establish a licensed presence in Abu Dhabi. In April, during Token 2049 in neighboring Dubai, it said it signed a partnership with Further Ventures to expand into the Middle East.
“Our intention is to be a responsible player that wants to support market confidence," CEO Melvin Deng said in a statement. "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.”
Abu Dhabi Global Market is one of the fastest-growing crypto hubs in the region.
“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,” Deng said.
Chainalysis reported in October 2023 that most UAE digital asset transactions were large institutional investments.
In December, Coinbase's new blockchain-based financial products for institutional investors also received in-principle approval from the FSRA.
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