QCP Trading, the over-the-counter trading arm of Singapore-based QCP Group, has officially secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) a move that cements its role as a fully compliant player in one of the world’s most tightly regulated crypto markets.
From In-Principle Approval to Full Authorization
The full license, announced on September 1, follows the in-principle approval QCP received back in November 2024. Since then, the firm has undergone months of operational scrutiny and compliance checks under Singapore’s rigorous digital asset regulatory framework.
For QCP, the milestone is more than just paperwork it’s a strategic win. Singapore remains one of the most important markets for institutional crypto services, thanks to what QCP insiders call the country’s “forward-thinking digital asset regulation.” CEO Melvin Deng emphasized that being fully licensed under MAS puts the firm in a strong position to serve the growing demand for trusted, compliant digital payment token (DPT) services.
Expanding Local Footprint
With its MPI license in hand, QCP Trading is doubling down on its Singapore presence. The company revealed plans to scale up hiring across compliance, operations, and client coverage, noting that its team size has already grown more than 40% year-on-year.
Singapore’s Strict Licensing Landscape
QCP now joins a small but notable group of licensed operators in Singapore, including OKX, Coinbase, Bitstamp, and BitGo. According to MAS data, 34 firms already hold MPI licenses as of September 1 now 35 with QCP’s approval.
The approval comes against a backdrop of tightening rules. As of June 30, 2025, operating an unlicensed crypto exchange in Singapore officially became illegal. The MAS has made it clear that only companies with strong compliance, financial transparency, and customer safeguards will be approved. Notably, regulators refused to grant transition periods for late applicants, making the cut-off particularly tough on firms like Bitget and Bybit, which are still waiting for approval.
Still, some have managed to meet expectations. In July, Bitstamp (owned by Robinhood) secured its license, joining the ranks of already approved players.
Beyond Singapore: Regional Growth
QCP’s regulatory progress isn’t limited to Singapore. Last year, the QCP Group also received in-principle approval in Abu Dhabi from the Financial Services Authority of Abu Dhabi Global Markets. The approval marked the first time a crypto broker and market maker had received preliminary authorization in the UAE’s capital.
Why It Matters
By achieving full authorization in Singapore, QCP Trading has strengthened its reputation as a trusted counterparty for institutional clients, while reinforcing Singapore’s role as a global hub for digital asset finance. With expansion already underway, the firm appears set to play a bigger role in shaping Asia’s regulated crypto landscape.
