Cumberland has received in-principle approval for a payment institution license in Singapore, bringing the company closer to offering regulated digital token services in the region.
In-Principle Approval from MAS
Announced on March 18, Cumberland SG Pte. Ltd. has received in-principle approval for the Major Payment Institution License from the Monetary Authority of Singapore (MAS). This indicates that the company has met the initial regulatory requirements for a payment services license. However, full approval requires additional conditions to be met, and MAS reserves the right to withdraw this approval if necessary.
Impact on Cumberland's Regional Presence
Once fully licensed, Cumberland will be positioned to offer institutional clients in Singapore a broader range of compliant digital asset services. The company views this development as a key step in solidifying its presence in Singapore, which it considers a major financial hub for digital assets.
Company Headquarters and Activities
Cumberland, a division of DRW—a leading player in traditional and digital asset markets—is headquartered in Chicago and serves institutional clients worldwide. The firm specializes in market-making and liquidity services for various cryptocurrencies, leveraging its global expertise to enhance its offerings.
Due to its progressive regulatory framework, Singapore has become a desirable location for digital asset firms. Getting preliminary approval, alongside regulatory improvements in the U.S., strengthens Cumberland's position in key digital asset markets.
