Cryptocurrency Over-the-Counter (OTC) service provider QCP obtains a significant financial institution license in Singapore, enabling it to legally conduct crypto-related operations.
In a significant move for the digital asset industry, QCP Trading, a division of QCP Group, has received a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This license, granted following an in-principle approval announced in November 2024, authorises QCP Trading to provide over-the-counter spot cryptocurrency trading services to institutional clients.
This development comes as QCP Group continues its growth trajectory, with plans to increase its Singapore headcount by 40% year-over-year. The new hires will be distributed across compliance, operations, and client services, reflecting QCP Group's commitment to maintaining a robust and responsible operational structure.
QCP Group, which maintains its headquarters in Singapore with additional operations in Abu Dhabi, has been at the forefront of the digital asset industry. The platform offers voice trading capabilities, API connectivity, and same-day settlement through local banking partnerships. It also provides multiple currency on/off-ramp services, making it a comprehensive solution for institutional and accredited investors.
The license covers spot trading of digital payment tokens, which is Singapore's regulatory term for cryptocurrencies. Darius Sit, the founder of QCP Group, emphasised QCP Trading's "unwavering commitment to regulatory integrity." Meanwhile, CEO Melvin Deng praised Singapore's "forward-thinking digital asset regulation," highlighting the city-state's role as a global hub for digital asset innovation.
With this licensing win, QCP Trading is now positioned to serve institutional demand for regulated crypto services in Singapore. As part of the QCP Group, which operates specialized entities for derivatives, spot trading, and structured products, QCP Trading is well-equipped to meet the evolving needs of the digital asset market.
This expansion is a testament to QCP Group's dedication to fostering a secure and compliant digital asset ecosystem. As the digital asset industry continues to evolve, QCP Group remains at the forefront, providing innovative solutions that cater to the needs of institutional and accredited investors.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
%20service%20provider%20QCP%20obtains%20a%20significant%20financial%20institution%20license%20in%20Singapore%2C%20enabling%20it%20to%20legally%20conduct%20crypto-related%20operations.){kind=link}