QCP Trading has officially secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone for the firm and the digital asset landscape in the city-state. This license authorizes QCP Trading to offer regulated over-the-counter (OTC) spot cryptocurrency trading services to institutional clients.
Key Takeaways
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QCP Trading receives a Major Payment Institution license from the Monetary Authority of Singapore (MAS).
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The license permits the firm to offer regulated OTC spot cryptocurrency trading services to institutional clients.
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This approval reinforces Singapore's position as a leading hub for digital asset regulation.
Regulatory Approval and Services Offered
The MPI license, granted after an in-principle approval in November 2024, allows QCP Trading Pte. Ltd., the OTC trading division of QCP Group, to operate under regulatory oversight. The license specifically covers spot trading of digital payment tokens, the regulatory term for cryptocurrencies in Singapore. QCP Trading's platform is equipped to handle institutional demand with features such as multi-currency on- and off-ramp services, voice trading capabilities, API connectivity, and same-day settlement facilitated by local banking partnerships.
Commitment to Regulatory Integrity
Darius Sit, Founder of QCP Group, emphasized the license as a testament to the company's "unwavering commitment to regulatory integrity" and its goal to build a trusted institutional trading platform. Melvin Deng, CEO of QCP Trading, highlighted Singapore's "forward-thinking digital asset regulation" as a key factor in positioning the firm to meet the growing institutional demand for compliant digital asset services. This move signifies QCP Group's dedication to fostering strong partnerships within Singapore's financial ecosystem.
Expansion and Market Position
The licensing coincides with QCP Group's strategic expansion of its Singapore operations. The company has increased its headcount by 40% year-over-year, with new hires bolstering its compliance, operations, and client services teams. Established in 2017, QCP Group operates specialized entities for derivatives, spot trading, and structured products, catering to institutional and accredited investors. With its headquarters in Singapore and additional operations in Abu Dhabi, QCP Group is solidifying its presence in key financial markets.
Sources
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QCP Receives Major Payment Institution License in Singapore for Crypto OTC Services, Blockhead.
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QCP Greenlit by MAS to Offer Regulated Crypto OTC Trading in Singapore, Fintech Singapore.
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QCP Trading Moves Toward Regulated Crypto Spot Trading with MAS Approval, Fintech Singapore.
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QCP Trading receives major payment institution license in Singapore, Crypto News.
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