QCP Moves Closer to Full Licensing in Singapore
QCP Trading, the dedicated OTC spot trading arm of Singapore-based QCP Group, has received an In-Principle Approval (IPA) for a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), the firm announced in a statement on Monday.
The IPA allows QCP Trading to prepare for offering regulated spot trading services for digital payment tokens, marking a key step toward full licensing. As a licensed MPI, QCP Trading will be able to provide clients with compliant, efficient, and innovative trading solutions, further reinforcing its commitment to uphold Singapore’s robust regulatory standards, the firm said.
The firm plans to offer spot trading for a broad spectrum of stablecoins and major digital tokens, underpinned by comprehensive on/off ramping services in multiple currencies. Clients will benefit from 24/7 support, seamless API integrations, and same-day settlement through local banking partners, helping QCP position itself as a highly competitive and price-efficient player in the digital asset space.
“As we pursue the full MPI license, we remain focused on supporting Singapore’s growing reputation as a leader in digital asset regulation,” said Darius Sit, founder of QCP. “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,” Sit added.
QCP Trading’s focus on Singapore aligns with the country’s growing reputation as a global leader in digital asset regulation. The firm said it plans to build its local team, and is hiring to support its expanding operations and ensure strict adherence to MAS regulations, with a long-term goal to build out its digital asset trading platform and expand its range of institutional-grade solutions.
In recent weeks, Anchorage Digital Singapore received approval for an MPI license from the MAS, and cryptocurrency exchange Gemini also secured an IPA for an MPI license. The MAS recently solicited industry feedback on proposed regulatory measures for digital token service providers (DTSPs) under the Financial Services and Markets Act (FSM Act).