Singaporean authority grants QCP permit for providing Over-The-Counter crypto transaction services as a Major Payment Institution

In a significant move, QCP Group, a leading player in the derivatives, spot trading, and structured products market, has announced its expansion in Singapore. The company, which also maintains its headquarters in the city-state with additional operations in Abu Dhabi, is increasing its headcount by 40% year-over-year.

The expansion comes on the heels of QCP Trading Pte. Ltd., the OTC trading division of QCP Group, receiving a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This license authorizes QCP Trading to provide over-the-counter spot cryptocurrency trading services to institutional clients, marking a major milestone for the company.

"We are delighted to receive this license," said Darius Sit, founder of QCP Group. "It reflects our unwavering commitment to regulatory integrity and underscores our belief in the importance of operating within a robust regulatory framework."

The license covers spot trading of digital payment tokens, which is Singapore's regulatory term for cryptocurrencies. With this license, QCP Trading is now well-positioned to serve the growing institutional demand for regulated crypto services in Singapore.

The platform offers a range of services, including API connectivity, voice trading capabilities, and multiple currency on/off-ramp services. It also provides same-day settlement through local banking partnerships, ensuring swift and efficient transactions for its clients.

In addition to the compliance, operations, and client services roles filled as part of the expansion, QCP Group is also bolstering its team across various functions. These hires will help the company further strengthen its position in the market and deliver an even better service to its clients.

CEO Melvin Deng expressed his excitement about the expansion, saying, "Singapore's forward-thinking digital asset regulation has created a conducive environment for us to grow and innovate. We look forward to contributing to the continued growth of the digital asset ecosystem in Singapore."

As QCP Group continues to grow and evolve, it remains committed to providing top-tier services to its clients while maintaining the highest standards of regulatory compliance.