cryptotrading company QCP granted significant license for Over-the-Counter (OTC) services in digital currencies by Singaporean payment authority.

In a significant move, QCP Group, a leading player in the digital asset industry, is expanding its operations in Singapore. The company is set to increase its headcount by 40% year-over-year, reflecting its commitment to growth in the region.

The expansion is backed by a major development: QCP Trading Pte. Ltd., the OTC trading division of QCP Group, has been granted a license by the Monetary Authority of Singapore (MAS). This license covers spot trading of digital payment tokens, Singapore's regulatory term for cryptocurrencies.

With this license, QCP Trading is now authorized to provide over-the-counter spot cryptocurrency trading services to institutional clients. The platform offers multiple currency on/off-ramp services, API connectivity, and voice trading capabilities, making it a comprehensive solution for institutional investors.

QCP Group's CEO, Melvin Deng, praised Singapore's "forward-thinking digital asset regulation" as beneficial for the firm. Deng's sentiments were echoed by the company's founder, Darius Sit, who stated that the license signifies the company's "unwavering commitment to regulatory integrity."

The license also authorizes QCP Trading to offer same-day settlement through local banking partnerships. This feature, combined with the platform's API connectivity, is expected to streamline trading processes and enhance user experience.

As part of its expansion, QCP Group is making new hires across compliance, operations, and client services. The company operates specialized entities for derivatives, spot trading, and structured products, and its Singapore headquarters will continue to serve as the hub for these operations.

The approval positions QCP Trading to serve institutional demand for regulated crypto services in Singapore. With its robust infrastructure and commitment to regulatory compliance, the platform is poised to play a significant role in the growing digital asset industry in the region.

cryptotrading company QCP granted significant license for Over-the-Counter (OTC) services in digital currencies by Singaporean payment authority.