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Home»Exchanges»Cumberland Secures In-Principle Approval for Singapore Payment License
Exchanges

Cumberland Secures In-Principle Approval for Singapore Payment License

NBTCBy NBTC20/03/2025No Comments2 Mins Read
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Cumberland SG, the Asia subsidiary of U.S.-based crypto trading firm Cumberland, said on Monday it has received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore.

The approval marks a step for the firm to expand its presence in Singapore, a key financial hub for digital assets, Cumberland said in a statement on X.

The MPI license, once fully granted, would allow Cumberland to provide regulated digital payment token services in the city-state.

Cumberland, a subsidiary of Chicago-based trading firm DRW, is a leading liquidity provider in the crypto market, offering over-the-counter trading services for institutional clients.

The firm facilitates large-scale digital asset transactions and market-making activities across a range of cryptos.

“In-principle approval is a strong signal of confidence from MAS, but it does not constitute a license at this stage,” Cumberland said in its statement.

The firm added that it remains committed to compliance and aims to bring its market expertise to counterparties in Singapore and beyond.

The Monetary Authority of Singapore’s in-principle approvals indicates that a license may be issued once certain conditions are met and no adverse developments arise.

MAS retains the right to revoke the approval if necessary.

Singapore has positioned itself as a global digital asset hub, with the regulator tightening oversight in recent years following the collapse of several high-profile crypto firms.

Companies operating under the MPI framework are subject to stringent requirements, including capital adequacy and anti-money laundering compliance.

Cumberland joins a growing list of crypto firms seeking regulatory approval in Singapore as it aims 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 offer digital payment token services and cross-border money transfer services.

Similarly, in November 2024, OKX launched instant Singapore dollar deposits and withdrawals for local customers following its receipt of a payments license from MAS in September.

As of March 2025, MAS has issued a total of 29 digital payment token licenses, which includes the likes of Coinbase, BitGo and Anchorage, according to the central bank’s latest figures.

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