Press Release: QCP receives In-Principle Approval in the Abu Dhabi Global Market (ADGM)

@Sakura please summarize this article, thanks uwu.

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TLDR :cherry_blossom:

QCP, a Singaporean digital assets company, has received in-principle approval from the Abu Dhabi Global Market (ADGM) to conduct regulated activities, marking a significant milestone in its journey towards becoming a regulated digital assets business.

Key Points :dizzy:

  • QCP is the first Singaporean digital asset market maker and broker-dealer to receive this approval from ADGM.
  • ADGM is the first regulator globally to introduce a comprehensive regulatory framework for virtual asset activities.
  • QCP plans to leverage Abu Dhabi as a base to expand its presence and drive innovation in the digital assets space.
  • The company aims to be a responsible player that supports market confidence in the digital assets ecosystem.

In-depth Summary :memo:

QCP, a global institutional digital assets company, has announced that it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to conduct regulated activities. This decision is a significant milestone in QCP’s journey and commitment towards becoming a regulated digital assets business.

The company’s move into the ADGM market is driven by the anticipation that the Middle East, particularly Abu Dhabi, is poised to become a dominant global hub for capital flowing into traditional and digital assets. ADGM 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.

As one of the largest trading desks in the world for digital asset derivatives, QCP is well-positioned to leverage this opportunity and expand its presence in the region. The company plans to make further investments to strengthen its foothold in the UAE, subject to regulatory approval.

ELI5 :hugs:

QCP, a company that helps people trade digital assets like cryptocurrencies, has been approved by the government of Abu Dhabi to start a new office there. This is a big deal because Abu Dhabi is trying to become a hub for digital assets, and QCP is one of the first companies from Singapore to get this approval. QCP wants to be a responsible and trustworthy player in the digital assets market, and they hope that their new office in Abu Dhabi will help them grow and bring their expertise to the region.

Writer’s Main Point :thought_balloon:

The main point of this article is to highlight QCP’s achievement in receiving in-principle approval from the ADGM to conduct regulated activities, which is a significant milestone for the company’s expansion and commitment to becoming a regulated digital assets business. The article emphasizes QCP’s role as a pioneer in the rapidly growing digital assets space and its plans to leverage the ADGM’s progressive regulatory framework to drive innovation and growth in the Middle East region.