Singapore, 2024 November 11 – QCP Trading Pte. Ltd. (“QCP Trading”) has received the In-Principle Approval (“IPA”) for its Major Payment Institution (“MPI”) license from the Monetary Authority of Singapore (“MAS”). The IPA is an important step towards full licensing and enables QCP Trading to prepare to offer regulated spot trading services in digital payment tokens.
The IPA reinforces QCP Trading's commitment to Singapore's high regulatory standards and marks a key step towards the company's ultimate goal of providing compliant, innovative and efficient solutions to its clients. QCP Trading aims to provide spot trading for a wide range of stablecoins and major digital tokens through its comprehensive on/off trading services in multiple currencies. Leveraging 24/7 support, seamless API integration, dedicated voice trading capabilities, and same-day settlement through its local banking partners, QCP Trading is committed to building a leading spot franchise and positioning itself as one of the most price-competitive players in the digital asset space.
Darius Sit, Founder of QCP Trading, said: “As we work towards obtaining a full MPI licence, we remain focused on Singapore’s reputation as a regulatory leader in digital assets. We pride ourselves on our ability to remain agile and responsive to global and local market conditions, which is key to success in this rapidly evolving industry. QCP Trading’s latest milestone reinforces our belief in the importance of a strong regulatory foundation for sustainable growth and positions us as a trusted partner of choice in the digital asset space.”
Melvin Deng, CEO of QCP Trading, added: “QCP Trading is committed to advocating for a sound governance framework and our early recognition of the critical role of regulation has proven to be a strategic foresight. We reiterate our commitment to building a strong partnership in Singapore and look forward to working closely with MAS to obtain the MPI licence.”
With Singapore as its strategic core, QCP Trading aims to develop a local team, prioritize recruiting outstanding talent to promote its continued development and ensure compliance with local regulations. QCP Trading is committed to providing institutional-grade solutions in digital asset spot trading, positioning itself as a trusted partner in Asia and beyond.
About QCP Trading
QCP Trading is the dedicated OTC spot trading division of QCP Group, providing secure, compliant and efficient spot trading solutions for institutional clients. QCP Trading offers a variety of services such as on/off access, seamless API integration and personalized voice trading channels, ensuring a smooth, tailored trading experience and fast settlement times.