The Monetary Authority of Singapore has provided Cumberland SG, the Asian arm of the U.S. crypto trading firm Cumberland, with in-principle approval for a Major Payment Institution license.
This approval, announced on March 18, brings the firm closer to delivering regulated digital payment token services in Singapore. An in-principle approval signifies that Cumberland has satisfied the initial set of regulatory criteria for a payment services license.
Nonetheless, it must fulfill several additional requirements to obtain a complete license. The authority retains the ability to revoke this approval if deemed necessary.
Upon securing a full license, Cumberland will be positioned to provide institutional clients in Singapore with a broader array of compliant digital asset services. The firm states that this approval bolsters its foothold in Singapore, a key financial center for digital assets.
Cumberland serves institutional clients globally, delivering market-making and liquidity solutions across a variety of cryptocurrencies. The company is part of DRW, an influential player in both traditional and digital asset sectors, with its headquarters in Chicago.
Singapore has become a favored jurisdiction for digital asset enterprises due to its forward-thinking regulatory environment. Coinbase, BitGo, and Anchorage are among the 29 firms that have been granted digital payment token licenses from the MAS.
Recently, both Gemini and OKX have also been approved, further solidifying Singapore’s status as an emerging hub for leading regulated cryptocurrency companies.
This announcement follows the U.S. Securities and Exchange Commission’s decision to dismiss its case against Cumberland on March 4. The case was part of a broader regulatory initiative in which the SEC accused the company of trading unregistered securities.
With the new, crypto-friendly leadership at the SEC, numerous investigations have been discontinued, including those involving Consensys and Kraken. Progress in both Singapore and the U.S. signifies that Cumberland is enhancing its pursuit of regulatory clarity as it expands its institutional digital asset offerings in key markets.