QCP Trading Secures Major Payments Institution License
QCP Trading, part of the Singapore-based QCP Group specializing in cryptocurrency trading and investment, has obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), the nation’s primary financial oversight body. As disclosed in a press release on September 1, this licensing approval enables QCP Trading to provide spot digital payment token (DPT) trading services specifically tailored for institutional clients.
Regulatory Journey and Market Position
The journey to this full licensing began with an in-principle approval granted in November 2024, which initiated a rigorous vetting process where the company underwent extensive operational assessments and compliance evaluations in accordance with Singapore’s stringent regulatory environment for digital assets. QCP executives view Singapore as a pivotal market given its progressive stances on digital asset legislation. CEO Melvin Deng emphasized that being under MAS regulation enhances the firm’s standing as demand increases from institutions seeking reliable and compliant DPT services.
Operational Expansion and Workforce Growth
With the MPI license now secured, QCP Group is on a path to strengthen its operational base within Singapore by expanding its team, focusing on key areas such as compliance, operations, and client relations. Remarkably, the firm has reported a growth in its workforce exceeding 40% year-on-year.
Regulatory Landscape and Industry Challenges
In recent years, cryptocurrency exchanges in Singapore have faced increasingly stringent licensing criteria. This tightening of regulations is aimed at ensuring that only businesses displaying robust compliance measures, financial transparency, and adequate customer protections can gain operational approval. Starting June 30, 2025, operating without a license will be banned, compelling exchanges like Bitget and Bybit—who are still awaiting approval—to reassess their strategies in Singapore. It is noteworthy that MAS has explicitly stated that no grace periods would be provided for existing unlicensed operations, and any applications submitted near the deadline would face extremely limited approval chances.
Successful Licensing and Industry Milestones
Despite these challenges, several companies have successfully obtained the necessary licenses, including Bitstamp, owned by Robinhood, which achieved licensing in July, joining other authorized platforms such as OKX, Coinbase, and BitGo. As of September 1, the MAS noted that a total of 34 entities, not including QCP Trading, hold MPI licenses.
International Regulatory Approvals
Additionally, it is worth mentioning that last year, QCP Group also received preliminary regulatory approval for its digital asset business from the Financial Services Authority of the Abu Dhabi Global Markets, marking a significant milestone as one of the first cryptocurrency brokers and market makers to gain such endorsement in the UAE capital.
