Singapore-based Crypto Firm QCP Trading Secures Major Payment Institution License

QCP Trading, the OTC trading arm of QCP Group, has secured a Major Payment Institution license from Singapore's Monetary Authority, allowing it to offer spot digital payment token trading services to institutional clients. The approval follows an in-principle nod granted in November last year, and QCP joins OKX, Coinbase, and Bitstamp as licensed operators in Singapore. The firm plans to expand its local roots with new hires and has already grown its team size by over 40% year-on-year.

QCP Trading, the over-the-counter (OTC) trading arm of QCP Group, has secured a significant milestone by receiving a Major Payment Institution (MPI) license from Singapore's Monetary Authority (MAS). This approval, following an in-principle clearance in November 2024, enables QCP Trading to offer spot digital payment token (DPT) trading services to institutional clients [1].

The license allows QCP Trading to provide multi-currency on- and off-ramping, voice trading, API connectivity, and same-day settlement with local banking partners. This regulatory nod positions QCP Trading to meet the growing institutional demand for trusted DPT services, joining a select group of licensed operators in Singapore, including OKX, Coinbase, and Bitstamp [1].

QCP Group, headquartered in Singapore and also operating in Abu Dhabi, has expanded its local team by about 40 percent over the past year. The company has hired new talent across compliance, operations, and client coverage, reflecting its commitment to strengthening its capacity in Singapore [1].

Darius Sit, Founder of QCP Group, underscored the significance of this achievement: "The granting of the MPI license for our spot DPT trading arm reflects our unwavering commitment to regulatory integrity and our mission to build the most trusted institutional trading platform in digital assets. This milestone enables us to deepen our roots in Singapore’s financial ecosystem, while delivering compliant and seamless services to clients across the region and globally" [1].

Melvin Deng, Chief Executive Officer of QCP Trading, highlighted Singapore's forward-thinking digital asset regulation: "Singapore continues to lead with forward-thinking digital asset regulation. Being licensed under MAS positions QCP Trading to meet the growing institutional demand for trusted DPT services" [1].

QCP Group's strategic expansion and regulatory compliance align with its vision to be the leading digital asset partner in Asia, empowering clients to seamlessly integrate digital assets into their portfolios.

References:
[1] https://fintechnews.sg/117024/digitalassets/qcp-license-singapore/