Quick Breakdown
- QCP Trading has secured a full MPI license from MAS to provide institutional crypto trading services.
- The firm plans to expand hiring in Singapore after growing its team by 40% in the past year.
- Singapore’s strict licensing regime has forced unlicensed exchanges to exit, with only 34 firms currently licensed.
Singapore tightens grip on digital asset regulation
QCP Trading, the over-the-counter trading arm of Singapore-based crypto firm QCP Group, has obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). The announcement, made on September 1, grants the firm full authorization to provide spot digital payment token (DPT) services to institutional clients.
The approval follows the in-principle nod QCP Trading received in November 2024, which allowed the regulator to carry out months of operational and compliance checks before issuing full authorization.
Compliance as the gateway to expansion
Chief Executive Officer Melvin Deng described Singapore as a “forward-thinking” hub for digital assets, noting that the license positions QCP to serve growing institutional demand with trusted and compliant trading services. With the approval secured, the company stated that it will expand its local presence through new hires across compliance, operations, and client management, following an already 40% year-on-year increase in headcount.
Singapore’s stricter crypto licensing regime
MAS has steadily tightened licensing requirements for crypto platforms over the past two years, emphasizing compliance, transparency, and customer safeguards. Since June 30, 2025, unlicensed exchanges are banned from operating in the country, forcing platforms such as Bitget and Bybit to reconsider their Singapore operations as their applications remain pending.
The regulator has also refused to grant grace periods, warning that applications filed near the deadline would only be approved under “extremely limited” conditions. Despite this, several global exchanges have cleared the bar, including Bitstamp, which gained approval in July 2025, alongside Coinbase, OKX, and BitGo. As of September 1, MAS data shows that 34 companies hold MPI licenses, excluding QCP Trading.
Expanding footprint beyond Singapore
QCP Group is also broadening its international regulatory reach. In 2024, the firm secured in-principle approval from the Financial Services Authority Abu Dhabi Global Markets, becoming the first crypto broker and market maker to receive preliminary clearance in the UAE capital.
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