QCP Group (QCP), a crypto buying and selling entity has obtained a Monetary Providers Permission (FSP) license from the Abu Dhabi’s Worldwide Monetary Centre (ADGM). The corporate already holds a fee license in Singapore.
Darius Sit, Founding father of QCP famous that the brand new license strengthens their means to bridge operations between Asia and the Center East. He acknowledged, “Our dedication is to carry institutional shoppers safety, transparency, and a seamless 24/7 platform.”
With the UAE license QCP will have the ability to provide crypto spot and derivatives buying and selling, market making, and construction options for institutional {and professional} shoppers.
Arvind Ramamurthy, Chief Market Improvement Officer at ADGM famous, “QCP’s give attention to regulatory compliance and modern digital asset options aligns seamlessly with ADGM’s imaginative and prescient of fostering a trusted and dynamic monetary ecosystem.”
QCP will likely be competing with others within the area that embody M2 change which has now geared its crypto providing to institutional shoppers. The announcement additionally comes after information confirmed that the UAE by means of a sovereign wealth fund owns $700 million price of Bitcoin.
Moreover, sovereign wealth funds, together with the UAE’s Mubadala and Norway’s sovereign fund, have publicity to Bitcoin by means of exchange-traded funds (ETFs) and different funding autos.
The UAE presently has 36 licensed VASP entities beneath VARA in Dubai as properly.
See additionally South Korea to hitch OECD’s crypto-asset reporting framework
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