QCP Secures Major Payment Institution License in Singapore for Crypto OTC Services

QCP Trading has obtained a Major Payment Institution license from Singapore's Monetary Authority, authorizing regulated over-the-counter cryptocurrency trading for institutional clients. The approval follows November 2024's in-principle nod and covers digital payment tokens—Singapore's regulatory term for crypto assets.

The license enables QCP Trading Pte. Ltd., the OTC arm of QCP Group, to offer institutional-grade services including multi-currency rails, voice trading, and API connectivity with same-day settlement through local bank partnerships. Founder Darius Sit framed the milestone as validation of the firm's compliance rigor, while CEO Melvin Deng praised Singapore's progressive regulatory framework for digital assets.

QCP's Singapore expansion continues apace, with headcount growing 40% year-over-year across compliance, operations, and client service teams. The 2017-founded group maintains specialized entities for derivatives alongside its newly licensed OTC desk.