In a significant development for the global crypto realm, Singapore-based QCP Capital has been granted initial regulatory approval to extend its operations to Abu Dhabi. The leading cryptocurrency options trading platform is all set to expand its digital asset operations following the clearance from the Financial Services Regulatory Authority of Abu Dhabi Global Markets (ADGM).

This trailblazing move makes QCP Capital the first-ever Singapore-origin market maker and broker in the region to receive such approval. An affiliated spokesperson for ADGM confirmed this groundbreaking development, heralding a new era for crypto enterprises in the Middle East.

Over the year 2023, QCP Capital accumulated an impressive $60 billion in crypto derivatives trading volume. The firm’s workforce stands nearly 70 employees strong, a portion of whom will make the transition to Abu Dhabi once the company secures full regulatory approval.

“Abu Dhabi’s progressive stance towards digital assets, viewing them as a complete ecosystem integrated with traditional finance, is truly noteworthy,” Melvin Deng, CEO of QCP, said in an interaction with Bloomberg.

This is one of many strategic maneuvers by the UAE aimed at consolidating its place as a leading global cryptocurrency hub. The country’s pros crypto stance has been attracting many prominent crypto firms.

In April, Binance, the world’s largest crypto exchange operator, finally secured a sought-after Virtual Asset Service Provider (VASP) license in Dubai. This milestone was accomplished after co-founder Changpeng Zhao made the decision to renounce his voting power within the exchange’s local establishment.

The road to regulatory approval was lengthy, with Binance acquiring an initial minimal viable product license from VARA in September 2022. This paved the way for the exchange to provide a plethora of digital asset services for both retail and institutional investors. QCP Capital anticipates a swifter regulatory approval process, having been spared the level of regulatory scrutiny faced by Binance.

In a mutually beneficial partnership, ADGM struck a memorandum of understanding with the Solana Foundation in February. This partnership is aimed at bolstering the advancement of distributed ledger technology (DLT), thereby strengthening the crypto sphere in the region.

These strategic moves within the UAE suggest a bright future for visionary crypto firms like QCP Capital who are eager to ride the wave of the Middle East’s crypto revolution.