{"id":78222,"date":"2024-05-07T10:35:32","date_gmt":"2024-05-07T14:35:32","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=78222"},"modified":"2024-05-07T10:38:03","modified_gmt":"2024-05-07T14:38:03","slug":"qcp-capital-receives-in-principle-approval-in-abu-dhabi","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/qcp-capital-receives-in-principle-approval-in-abu-dhabi\/","title":{"rendered":"QCP Capital Receives In-principle Approval in Abu Dhabi"},"content":{"rendered":"\n

QCP Capital, one of the world's foremost platforms for trading cryptocurrency options, has obtained an in-principle regulatory approval<\/a> to operate in Abu Dhabi.\u00a0<\/p>\n\n\n\n

\"QCP
QCP Capital Receives In-principle Approval in Abu Dhabi <\/figcaption><\/figure>\n\n\n\n

Bloomberg has obtained information indicating that the Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM) has granted preliminary authorization to the digital asset options trading division for conducting regulated digital asset activities.<\/p>\n\n\n\n

According to an ADGM spokesperson, QCP Capital is the first Singapore-based cryptocurrency market maker and broker to receive preliminary approval in the region. <\/p>\n\n\n\n

In 2023, the\u00a0crypto options trading desk QCP amassed a trading volume of $60 billion in crypto derivatives<\/a>. A portion of the company's nearly seventy employees will be transferred to Abu Dhabi once the QCP has obtained final regulatory sanction.\u00a0<\/p>\n\n\n\n

The CEO of QCP, Melvin Deng, stated to Bloomberg: <\/p>\n\n\n\n

\u201cAbu Dhabi has got very progressive regulators in that they are thinking about the digital assets as a complete ecosystem with all of traditional finance.\u201d<\/em><\/p>\n\n\n\n

UAE Global Crypto Hub<\/h2>\n\n\n\n

The aspirations of the United Arab Emirates (UAE) to establish itself as a preeminent global cryptocurrency hub are consistent with the in-principle sanction. <\/p>\n\n\n\n

Binance, the largest cryptocurrency exchange globally, obtained its eagerly anticipated Virtual Asset Service Provider (VASP) license in Dubai in April after co-founder Changpeng Zhao relinquished his voting rights in the exchange's local entity. <\/p>\n\n\n\n

VARA granted Binance a preparatory minimal viable product license in September 2022, allowing the exchange to provide qualified retail and institutional investors with various digital asset services. <\/p>\n\n\n\n

After the preliminary approval, Binance obtained its complete license over fifteen months. As the trading desk is not subject to the same regulatory scrutiny as Binance, QCP Capital may obtain its comprehensive regulatory permit sooner. <\/p>\n\n\n\n

ADGM \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>and the Solana Foundation entered into a memorandum of understanding in February to collaborate on the progression of distributed ledger technology (DLT).\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

QCP Capital, one of the world’s foremost platforms for trading cryptocurrency options, has obtained an in-principle regulatory approval to operate in Abu Dhabi.\u00a0 Bloomberg has obtained information indicating that the Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM) has granted preliminary authorization to the digital asset options trading division for conducting regulated digital […]<\/p>\n","protected":false},"author":12,"featured_media":78239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1822,14983,18439],"class_list":["post-78222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-abu-dhabi","tag-in-principle-approval-2","tag-qcp-capital"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-26.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/78222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=78222"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/78222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/78239"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=78222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=78222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=78222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}