Cumberland SG, an Asian subsidiary of US-based Crypto Trading Firm Cumberland, said on Monday it received principled approval from Singapore’s financial authorities for its major payment agency license.
The approval identifies the steps the company will expand its presence in Singapore, a key financial hub for digital assets, Cumberland said. statement x.
Once fully granted, the MPI license will allow Cumberland to provide city-state-regulated digital payment token services.
Cumberland, a subsidiary of Chicago-based trading company DRW, is a leading liquidity provider in the Crypto market and offers over-the-counter trading services for institutional customers.
The company promotes large-scale digital asset trading and market production activities between various cryptocurrencies.
“Acknowledgement in principle is a strong signal of trust from the MAS, but at this stage it does not constitute a license,” Cumberland said in a statement.
The company added that it is committed to compliance and aims to bring market expertise to counterparties in Singapore and beyond.
The financial authority of Singapore’s principled recognition indicates that certain conditions may be met and a license may be issued if there is no adverse development.
MAS reserves the right to revoke approval if necessary.
Singapore has acquired its position as a global digital asset hub, and regulators have tightened surveillance in recent years following the collapse of several well-known crypto companies.
Companies operating under the MPI framework are subject to strict requirements such as capital adequacy and anti-money laundering compliance.
Cumberland is on a growing list of crypto companies 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 principled approval to provide digital payment token services and cross-border remittance services.
Similarly, in November 2024, OKX began depositing and withdrawing Singapore dollars for local customers after receiving payment licenses from MAS in September.
As of March 2025, MAS has issued a total of 29 digital payment token licenses, including Coinbase, Bitgo, Anchorage, and more. figure.
