QCP Trading, a commercial trading arm of Singapore-based crypto and investment company QCP Group, has secured a major payment agency license from the country’s leading financial regulators.
summary
- QCP transactions secure a major payment institution license from Singapore’s financial authorities.
- This approval follows the principle nod given last November.
- QCP will be participating in OKX, Coinbase and BitStamp as license operators in Singapore.
According to a press release from September 1, Singapore’s financial authorities have granted MPI licenses to QCP transactions. This allows Spot Digital Payment Token Trading Services to institutional clients.
The QCP transaction was already handed over in principle approval in November 2024, paving the way for full approval after months of operational scrutiny and compliance checks under Singapore’s strict digital asset regulatory framework.
Nevertheless, QCP Insider considers Singapore a key market because of its “advanced digital asset regulation.” CEO Melvin Deng said that being licensed under MAS is in a strong position to meet the growing institutional demand for reliable and compliant DPT services.
The QCP Group said it is armed with appropriate licensing to expand its local roots with new recruits across compliance, operations and client coverage. The company added that the size of the team has already increased by more than 40% from the previous year.
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Cryptocurrency exchanges operating within Singapore must comply with a stringent set of licensing requirements that have been steadily strengthened over the past two years.
The Singapore financial authorities have made it clear that only companies capable of demonstrating strong compliance, financial transparency and customer protection measures will be granted approval for operation.
Starting June 30, 2025, operating unlicensed cryptocurrency exchanges in Singapore has become officially illegal. The deadline forced companies like Bitget and Bybit to reassess their presence in the city-state, even though they have applied, to companies that have not yet received the green light.
The regulator also refused to grant transition periods to those who were operating then, claiming that licensing applications approaching deadlines would only be approved under “very limited” circumstances.
Nevertheless, many companies have managed to meet the expectations of regulators. One of the latest companies secured proper licenses in July and joined already licensed platforms such as OKX, Coinbase, and Bitgo.
According to MAS data, 34 companies, excluding QCP transactions, have MPI licenses as of September 1st.
Related news last year, QCP Group received principled approval for its regulated digital assets business from the Financial Services Bureau’s Abu Dhabi Global Market. It was also the first time a cryptocurrency broker and market maker has received preliminary approval in the Arab capital.
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