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Our analysis of the situation
Leading the Charge
QCP Capital, a major player in the global digital assets market, has achieved a groundbreaking milestone. With the granting of in-principle approval by the Financial Services Regulatory Authority of Abu Dhabi Global Market, QCP Capital is now set to make its mark in the digital asset market of the United Arab Emirates (UAE).
The company's CEO, Melvin Deng, attributes this strategic move to the progressive approach to crypto in Abu Dhabi. The geographical potential of the Emirates, similar to that of Singapore, offers an enticing opportunity for QCP to establish a thriving marketplace in the region.
The Global Picture
Expanding the lens to view the global crypto derivatives market, statistics from Ernst & Young indicate a monthly trading volume of derivatives reaching $1.33 trillion as of September 2023, with a substantial portion of this activity occurring outside the United States. QCP's vision to tap into the thriving Middle Eastern market aligns perfectly with this trend and underscores the company’s proactive approach in solidifying its position in the crypto industry.
Beyond Boundaries
QCP Capital is not alone in venturing into the crypto landscape of the Middle East. Other notable platforms, including Rain and eToro, have obtained regulatory licenses to operate legally in Abu Dhabi. Moreover, this expansion is not confined to the Emirates alone, as companies such as OKX have secured regulatory clearance to operate in other regions in the Middle East, particularly Dubai.
The industry's dynamic growth is further evidenced by OKX's Middle East subsidiary obtaining a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), enabling the exchange to provide its digital asset services to clients across the location.
Looking Ahead
QCP Capital’s in-principle approval to enter Abu Dhabi is not just a win for the company, but also a testament to the growing recognition of the significance of crypto markets in the Middle East. As the region continues to embrace the crypto industry, we can expect further developments and advancements in the digital assets market.
As QCP Capital ventures into the Middle East, the industry can anticipate new opportunities and innovations on this emerging crypto frontier.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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