Singapore’s crypto trading platform QCP Capital has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to conduct regulated activities.

QCP said the company also plans on making further investments in the UAE, subject to obtaining Financial Services Permission, as a part of the company’s strategy to expand its footprint in the Middle East, which is going to become “a dominant global hub for capital flowing into traditional and digital assets,” a company statement read.

Calling the IPA a “significant development” for QCP, CEO Melvin Deng said: “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. 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.”

Arvind Ramamurthy, Chief of Market Development at ADGM said: “As the digital assets landscape continues to evolve in the Middle East, we anticipate more companies like QCP to recognise the progressive and comprehensive nature of ADGM’s regulatory frameworks, fostering confidence in choosing Abu Dhabi as their regional base.”

QCP’s move comes less than a month following its partnership with Further Ventures, a venture building and investment firm based in Abu Dhabi. At the time, QCP had said Further Ventures would use its broker-dealer license and custodial platforms to facilitate sales of new products.

(Writing by Bindu Rai, editing by Daniel Luiz)