Singapore-based
cryptocurrency
trading
firm
QCP
Capital
and
Further
Ventures
on
Wednesday
announced
in
Dubai
a
partnership
to
expand
into
the
Middle
Eastern
markets
by
offering
new
digital-asset
financial
and
derivatives
product
offerings.
QCP
said
that
it
plans
to
open
an
office
in
Abu
Dhabi,
while
Further
Ventures
will
use
its
broker-dealer
license
and
custodial
platforms
to
facilitate
sales
of
new
products.
“Abu
Dhabi
is
unique
because
it
has
one
of
the
most
progressive
regulatory
frameworks
in
the
region
to
support
the
growth
of
institutional
digital
assets,”
Melvin
Deng,
CEO
of
QCP,
said
in
an
interview
conducted
over
Telegram.
“This
fits
very
well
with
how
we
envision
regulation
supporting
the
ecosystem
as
it
develops
and
evolves.”
Abu
Dhabi
is
quickly
becoming
an
established
institutional
crypto
hub.
Abu
Dhabi
Global
Market
(ADGM),
the
emirate’s
financial
center,
recently
reported
that
it
was
the
fastest-growing
financial
hub
in
the
region,
with
assets
under
management
growing
by
35%.
An
October
2023
report
by
Chainalysis
found
that
the
majority
of
digital
assets
transactions
in
the
UAE
were
comprised
of
large
institutional
investments.
In
December,
Coinbase
announced
that
its
new
offering,
which
lets
institutional
investors
trade
blockchain-based
versions
of
traditional
financial
products,
had
received
in-principle
approval
from
the
Financial
Services
Regulated
Activity
(FSRA)
of
ADGM.