Global Economic Times

Cumberland, a Cryptocurrency Trading Firm, Obtains In-Principle Approval for a Major Payment Institution License in Singapore: Eugenio Rodolfo Sanabria Reporter / Updated : 2025-03-18 16:10:48

Cumberland SG, the Asian subsidiary of U.S.-based cryptocurrency trading firm Cumberland, announced on Monday that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

Cumberland stated via X (formerly Twitter) that this in-principle approval is a significant step in expanding Cumberland's presence in Singapore, a key financial hub for digital assets. If the MPI license is ultimately issued, Cumberland will be able to provide regulated digital payment token services in Singapore.

Cumberland, a subsidiary of Chicago-based trading firm DRW, is a major liquidity provider in the cryptocurrency market, offering over-the-counter trading services to institutional clients. The company supports large-scale digital asset trading and market-making activities across a wide range of cryptocurrencies.

Cumberland stated in a press release, "The in-principle approval is a strong signal of trust from the MAS, but does not constitute a license at this stage." Cumberland also added that it is committed to regulatory compliance and aims to provide market expertise to its counterparties in Singapore and beyond.

The in-principle approval from the Monetary Authority of Singapore indicates that a license may be issued if certain conditions are met and no negative circumstances arise. MAS reserves the right to revoke approval if necessary.

Singapore has positioned itself as a global digital asset hub and has strengthened regulatory oversight in recent years following the collapse of several prominent cryptocurrency firms. Companies operating under the MPI framework must comply with strict requirements, including capital adequacy and anti-money laundering regulations.

Cumberland has joined an increasing list of cryptocurrency companies seeking regulatory approval in Singapore to solidify its position as a gateway for institutional digital asset trading in the Asia-Pacific region.

In October 2024, Gemini received in-principle approval to provide digital payment token services and cross-border money transfer services. Similarly, in November 2024, OKX began offering instant Singapore dollar deposits and withdrawals for local customers after receiving a payment license from the MAS in September. As of March 2025, the MAS has issued a total of 29 digital payment token licenses, including to Coinbase, BitGo, and Anchorage, according to the central bank's latest data.