Singapore-based crypto trading firm QCP Capital and Further Ventures on Wednesday announced a partnership in Dubai to expand into the Middle East market with new digital asset finance and derivatives product offerings.
QCP plans to open an office in Abu Dhabi, and Further Ventures said it plans to use its broker-dealer license and custody platform to facilitate sales of new products.
“Abu Dhabi is unique in having one of the most progressive regulatory frameworks in the region to support the growth of institutional digital assets,” QCP CEO Melvin Deng said in an interview on Telegram. “That's because we have a lot of people,” he said. “This fits very well into how we envision regulations that support the ecosystem as it develops and evolves.”
Abu Dhabi is rapidly becoming an established and organized cryptocurrency hub. The emirate's financial center, Abu Dhabi Global Market (ADGM), recently reported that it is the fastest growing financial hub in the region, with assets under management increasing by 35%.
An October 2023 report by Chainalysis found that the majority of digital asset transactions in the UAE consist of large institutional investments.
Coinbase announced in December that its new service, which allows institutional investors to trade blockchain-based versions of traditional financial products, received in-principle approval from ADGM's Financial Services Regulatory Activity (FSRA).
