QCB Capital is the first digital asset market maker in Singapore to receive preliminary approval, according to an Abu Dhabi Global Market spokesperson.
Grant Abu Dhabi Global Market QCB Capital, one of the largest options trading desks for digital assets, Initial approval to work in Abu Dhabi, becoming the latest cryptocurrency company to expand in the Middle East.
The company, which was established seven years ago, obtained initial approval from the Financial Services Regulatory Authority in the Abu Dhabi Global Market to carry out regulated activities, according to a statement issued today, Tuesday. The company is the first digital asset market maker in Singapore to receive initial approval, according to an Abu Dhabi Global Market spokesperson.
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Melvin Ding, CEO of QCB Capital, said that Abu Dhabi “has a very advanced regulatory body that views digital assets as a complete ecosystem with the traditional finance landscape.” He explained that the geographical location also played a role in the company’s decision to expand in the region, given the global nature of cryptocurrencies.
Ding, who joined QCB in 2021 after spending more than 15 years at Standard Chartered Bank, added: “The Middle East is actually a good meeting point for capital flows from Europe to the Middle East region, as well as Asia.”
QCB Capital recently announced a partnership with Abu Dhabi-based Future Ventures, as the two companies plan to develop new products in digital assets. Once QCB Capital obtains the full license, the company will first focus on core businesses such as trading and market making in the region.
Arvind Ramamurthy, Head of Market Development at ADGM, said: “As the digital assets landscape in the Middle East continues to evolve, we expect more firms like QCB Capital to recognize the progressive and comprehensive nature of ADGM’s regulatory frameworks, enhancing confidence in choosing Abu Dhabi as a base.” Its regional.
