Crypto options trading platform QCP Capital has received initial permission to operate in Abu Dhabi.

According to a Bloomberg report, QCP Capital has won in-principle approval for its regulated digital asset business from the Financial Services Authority Abu Dhabi Global Markets (ADGM).

“As the digital assets landscape continues to evolve in the Middle East, we anticipate more companies like QCP to recognize the progressive and comprehensive nature of ADGM’s regulatory frameworks, fostering confidence in choosing Abu Dhabi as their regional base.”

Arvind Ramamurthy, Chief of Market Development at ADGM

The platform became the first market maker and cryptocurrency broker to receive preliminary approval in the capital of the United Arab Emirates.

“The Middle East is actually quite a good confluence for capital flows from Europe, to the Middle East region, as well as Asia.”

Melvin Deng, QCP Capital CEO

QCP, one of the largest cryptocurrency options trading firms, has accumulated $60 billion in cryptocurrency derivatives trading volume through 2023. The firm has around 70 staff, some of whom will be relocated to Abu Dhabi once QCP receives full regulatory approval.

Abu Dhabi is becoming a popular destination for cryptocurrency companies, while the United States, on the other hand, is becoming an unpopular place for the global expansion of representatives of this sector.

Last month, QCP Capital partnered with Further Ventures to double down on the Middle Eastern markets. QCP and Further Ventures said they are teaming up to create new financial products for trading and safekeeping crypto assets.