Crypto market maker QCP to set up shop in Abu Dhabi: Abu Dhabi Global Market (ADGM) regulator, the Financial Services Regulatory Authority (FSRA), has granted Singapore-based crypto trading firm QCP Capital in-principle approval to commence operations in Abu Dhabi, according to a {press release}.

What they said: QCP chose ADGM as its expansion destination as the FSRA is “the first regulator globally to introduce and implement a comprehensive and bespoke regulatory framework for the regulation of exchanges, custodians, brokers, and other intermediaries engaged in virtual asset activities,” the statement reads.

Abu Dhabi’s regs are finding favor with digital firms: “Abu Dhabi has got very progressive regulators in that they are thinking about the digital assets as a complete ecosystem with all of traditional finance,” QCP CEO Melvin Deng told Bloomberg.

Abu Dhabi’s geographical location was also a factor in the decision: “The Middle East is actually quite a good confluence for capital flows from Europe, to the Middle East region, as well as Asia, so it’s got similar properties to what we have in Singapore, and we want to leverage on their capabilities to establish another marketplace,” Deng said.

OTHER CRYPTO NEWS-

Austrian unicorn and digital assets trader Bitpanda is expanding into the UAE, with operations expected to kick off within three months, according to Wam.

What they said: “The UAE is the ideal place for us to make our entry to the Middle Eastern market. It has the perfect mix of investor demand and innovative regulatory environment that will allow us to deliver the best trading solution available on the market,” co-founder and CEO Eric Demuth said.

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