According to a September 1 press release, the Monetary Authority of Singapore (MAS) has granted QCP Trading a Major Payment Institution (MPI) license, enabling the firm to offer spot digital payment token (DPT) trading services to institutional clients.
QCP Trading had previously received in-principle approval in November 2024, clearing the way for full authorization after months of operational reviews and compliance checks under Singapore’s stringent digital asset regulations.
Singapore remains a key market for QCP, with CEO Melvin Deng highlighting the city-state’s “forward-thinking digital asset regulation.” He noted that MAS licensing positions QCP to meet growing institutional demand for trusted and compliant DPT services.
With the MPI license in hand, QCP Group plans to expand its local presence through new hires in compliance, operations, and client coverage. The company said its workforce has already grown by more than 40% year-on-year.
QCP Joins Leading Licensed Platforms
Cryptocurrency exchanges in Singapore must meet strict licensing requirements, which have tightened over the past two years. MAS has emphasized that only firms demonstrating strong compliance, financial transparency, and customer safeguards are eligible to operate.
As of June 30, 2025, operating an unlicensed crypto exchange in Singapore became illegal. This deadline forced firms such as Bitget and Bybit, which have applied but not yet received approval, to reconsider their operations in the country. Regulators provided no transition periods and indicated that late license applications would be approved only in “extremely limited” circumstances.
Despite these challenges, several firms have successfully secured licenses, including Robinhood-owned Bitstamp in July, joining already licensed platforms like OKX, Coinbase, and BitGo. According to MAS data, 34 companies—excluding QCP Trading—hold MPI licenses as of September 1.
Global Expansion
Last year, QCP Group also received in-principle approval for its regulated digital asset business from the Financial Services Authority of Abu Dhabi Global Markets, marking the first time a cryptocurrency broker and market maker obtained preliminary approval in the UAE capital.
