Cumberland has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license.
Announced on March 18, this milestone brings the company closer to offering regulated digital payment token services in Singapore, strengthening its regional presence.
We are pleased to announce that Cumberland SG Pte. Ltd. has received in-principle approval for the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). We look forward to expanding our presence in this important region, bringing our disciplined… pic.twitter.com/G14XvB4VVg
— Cumberland (@CumberlandSays) March 18, 2025
The in-principle approval indicates that Cumberland has met the initial regulatory requirements for a payment services license. However, the license is not yet final, as the company must still fulfil several conditions to secure full approval. MAS also reserves the right to withdraw the approval if necessary.
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.
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. Last year, Gemini received preliminary approval from the Monetary Authority of Singapore (MAS) to provide cross-border money transfer and digital payment token services, highlighting its commitment to regulatory standards and the Singapore market.
The announcement follows the decision by the U.S. Securities and Exchange Commission (SEC) to drop its case against Cumberland on March 4. The case had been part of a broader regulatory crackdown, with the SEC alleging that the company had traded unregistered securities. With the arrival of new, crypto-friendly leadership at the U.S. SEC, several investigations have been dropped, including those targeting Consensys and Kraken. As Cumberland progresses in Singapore and the U.S., the firm is advancing toward greater regulatory clarity while expanding its institutional digital asset services in key markets.
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