The Monetary Authority of Singapore (MAS) has granted Cumberland SG, the Asia division of a prominent U.S.-based crypto trading firm, in-principle approval for a Major Payment Institution license.
This significant approval, announced on March 18, brings the company closer to offering regulated digital payment token services in Singapore. An in-principle approval signifies that Cumberland has successfully met initial regulatory requirements for obtaining a payment services license.
However, the firm must fulfill additional conditions before acquiring the full license, and MAS retains the authority to revoke this approval if deemed necessary.
Once granted the full license, Cumberland will provide institutional clients in Singapore with an expanded range of compliant digital asset services. The approval marks a crucial step in strengthening the firm’s presence in Singapore, a critical financial hub for digital assets.
Cumberland offers market-making and liquidity services for a variety of cryptocurrencies to institutional clients globally. The company operates as a division of a significant player in both traditional and digital asset markets, headquartered in Chicago.
Singapore is increasingly recognized as a favorable jurisdiction for digital asset firms due to its progressive regulatory framework. Recently, 29 companies, including well-known names, have secured digital payment token licenses from MAS.
In recent months, additional approvals were granted to Gemini and OKX, further solidifying Singapore’s status as a burgeoning hub for regulated cryptocurrency firms.
This announcement follows the recent move by the U.S. Securities and Exchange Commission (SEC) to dismiss its case against Cumberland on March 4, which was part of a broader regulatory crackdown. The SEC had previously accused the company of dealing in unregistered securities.
With advancements in both Singapore and the U.S., Cumberland is making notable steps toward regulatory clarity while expanding its institutional digital asset services in key markets.
