QCP trading, the over-the-counter trading arm for Singapore-based crypto trading and investment firm QCP Group, has secured a Major Payments Institution license from the country’s key financial regulator.

According to a Sep. 1 press release, the Monetary Authority of Singapore has granted QCP trading the MPI license, which allows it to offer spot digital payment token trading services to institutional clients.

QCP Trading was already handed the in-principle approval in November 2024, which paved the way for full authorization following months of operational scrutiny and compliance checks under Singapore’s strict digital asset regulatory framework.

Nevertheless, QCP insiders consider Singapore a key market due to its “forward-thinking digital asset regulation,” with CEO Melvin Deng noting that being licensed under MAS places the firm in a strong position to meet rising institutional demand for trusted, compliant DPT services.

Armed with the proper licensing, QCP Group said it is now looking to expand its local roots with new hires across compliance, operations, and client coverage. The company added that its team size has already grown by over 40% year-on-year.

QCP joins OKX, Coinbase, and others

Cryptocurrency exchanges operating within Singapore are required to abide by a set of stringent licensing requirements that have steadily tightened over the past two years.

The Monetary Authority of Singapore has made clear that only firms that are able to demonstrate strong compliance, financial transparency, and customer safeguards would be granted approval to operate.

Starting June 30, 2025, the operation of unlicensed cryptocurrency exchanges in Singapore officially became illegal. The deadline has forced firms such as Bitget and Bybit, which have applied but have yet to receive a green light, to reevaluate their presence in the city-state.

Regulators also refused to grant any transition periods for those operating at the time and insisted that license applications submitted close to the deadline would be approved only under “extremely limited” circumstances.

Nevertheless, a number of firms have managed to meet regulatory expectations, with one of the most recent ones being Robinhood-owned Bitstamp, which secured the proper licensing in July, and joined already licensed platforms like OKX, Coinbase, and BitGo.

According to data from the MAS, 34 companies, excluding QCP Trading, hold MPI licenses as of Sep. 1.

In related news, last year, the QCP group received an in-principle approval for its regulated digital asset business from the Financial Services Authority Abu Dhabi Global Markets. It also marked the first time a cryptocurrency broker and market maker received a preliminary approval in the capital of the United Arab Emirates.