QCP Trading, a provider of over-the-counter (OTC) spot trading services for digital assets, has been granted in-principle approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The company plans to offer spot trading for stablecoins and major digital tokens, backed by comprehensive on/off ramping services, 24/7 support, and same-day settlements through local banking partners.
With a focus on Singapore, QCP Trading plans to expand its local team and attract top talent to support its growth and ensure compliance with local regulations.
QCP Trading is the OTC spot trading arm of QCP Group, offering services such as API integration, personalised voice trading, and rapid settlements.
“As we pursue the full MPI license, we remain focused on supporting Singapore’s growing reputation as a leader in digital asset regulation. We take pride in our ability to remain agile and responsive to both global and local market conditions, which is the key to success in this rapidly evolving sector.
This latest milestone for QCP Trading reinforces our belief in the importance of a strong regulatory foundation for sustainable growth and positioning ourselves to be a trusted partner of choice in the digital asset space.”
said Darius Sit, Founder of QCP Trading.
“QCP Trading aims to champion robust governance frameworks and our early recognition of the critical role of regulation has proven to be a strategic foresight.
We reaffirm our dedication to fostering strong partnerships in Singapore and look forward to working closely with the MAS to achieve the MPI license.”
added Melvin Deng, Chief Executive Officer of QCP Trading.
Featured image credit: Edited from Freepik
