Digital assets trading firm QCP Capital has announced that it has received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This approval marks QCP Capital as the latest addition to the roster of licensed digital assets companies establishing a presence in Abu Dhabi. The Singapore-based firm's move follows its partnership announcement with Further Ventures during Token 2049 in neighboring Dubai back in April.

CEO Melvin Deng emphasized the company's commitment to fostering market confidence, stating, "Our intention is to be a responsible player that wants to support market confidence." Deng further highlighted QCP Capital's pride in being the first Singaporean digital asset market maker and broker-dealer to set up operations in the Abu Dhabi market, expressing hope that their presence would inspire others to explore opportunities in this dynamic sector.

Abu Dhabi Global Market has emerged as a prominent crypto hub in the region, attracting a growing number of players seeking to capitalize on its vibrant ecosystem. Deng reiterated QCP Capital's eagerness to leverage their expertise as pioneers in the digital assets space to contribute to the development of Abu Dhabi's burgeoning digital economy.

Chainalysis's report in October 2023 revealed that the majority of digital asset transactions in the UAE were large institutional investments, underscoring the significant institutional interest in the region's crypto market. Moreover, in December, Coinbase's blockchain-based financial products for institutional investors also received in-principle approval from the FSRA, further illustrating Abu Dhabi's growing stature as a hub for digital asset innovation and regulation.