The Asia division of the U.S.-based crypto trading firm Cumberland, Cumberland SG, has been granted in-principle approval by the Monetary Authority of Singapore (MAS) for a Major Payment Institution license.
In-Principle Approval from MAS
Announced on Mar. 18, Cumberland SG is on the path to providing regulated digital payment token services in Singapore. The in-principle approval indicates that the company has met the first set of regulatory requirements for a payment services license. However, it still needs to meet several other conditions to obtain a full license. MAS retains the right to revoke this approval if necessary.
Significance of the License for Cumberland
Once a full license is obtained, Cumberland will be able to offer institutional clients in Singapore a wider range of compliant digital asset services. According to the firm, the approval strengthens its presence in Singapore, considered a major financial hub for digital assets. Cumberland serves institutional clients worldwide, providing market-making and liquidity services for a range of cryptocurrencies, and is a division of DRW, a major player in both the traditional and digital asset markets, headquartered in Chicago.
Singapore's Role in the Digital Asset Industry
Singapore has become a preferred jurisdiction for digital asset firms due to its progressive regulatory framework. Coinbase, BitGo, and Anchorage are among the 29 companies to have secured digital payment token licenses from MAS. In recent months, Gemini and OKX have also received approvals, reinforcing Singapore's position as a rising hub for top regulated cryptocurrency firms. The announcement follows the U.S. SEC's decision to dismiss its case against Cumberland on Mar. 4.
With progress in both Singapore and the U.S., Cumberland is making significant strides towards regulatory clarity as it continues to expand its digital asset services for institutional clients in key markets.
