Cumberland gains in-principle Singapore MIP license approval

The Monetary Authority of Singapore has granted Cumberland SG, the Asia division of the U.S.-based crypto trading firm Cumberland, in-principle approval for a Major Payment Institution license.

The approval, which was announced on Mar. 18, brings the company one step closer to providing regulated digital payment token services in Singapore. An in-principle approval indicates that Cumberland has met the first set of regulatory requirements for a payment services license.

However, it still needs to meet several other conditions to obtain a full license. MAS retains the right to revoke approval if necessary.

After obtaining a full license, Cumberland will be able to offer institutional clients in Singapore a wider range of compliant digital asset services. According to the firm, the approval strengthens its presence in Singapore, which it considers a major financial hub for digital assets.

Cumberland caters to institutional clients worldwide by offering market-making and liquidity services for a range of cryptocurrencies. The company is a division of DRW, a major player in both the traditional and digital asset markets, with its headquarters located in Chicago.

Singapore has emerged as a preferred jurisdiction for digital asset firms because of its progressive regulatory framework. Coinbase, BitGo, and Anchorage are among the 29 companies that have secured digital payment token licenses from the MAS.

In recent months, Gemini and OKX have also received approvals, reinforcing Singapore’s position as a rising hub for top regulated cryptocurrency firms.

The announcement comes on the heels of the U.S. Securities and Exchange Commission’s move to dismiss its case against Cumberland on Mar. 4. The case was part of a larger regulatory crackdown in which the SEC accused the company of dealing in unregistered securities.

Under the new, crypto-friendly SEC leadership, several investigations have also been dropped, including those against Consensys and Kraken. With progress in both Singapore and the U.S., Cumberland is making strides toward regulatory clarity as it expands its institutional digital asset services in key markets.

  • Aniket Pujari

    Aniket Pujari

    Aniket Pujari, a graduate in Financial Markets, is the founder of Minute To Know News, a digital platform providing daily news updates on cryptocurrencies, finance, and economics. With a passion for finance and technology, Aniket has been exploring the world of cryptocurrencies since 2015, building a deep understanding of these rapidly evolving industries.

    Related Posts

    Solana Foundation Deletes Controversial Ad After Crypto Community Backlash

    The Solana Foundation has removed an advertisement from its official X account following criticism over its political messaging on gender identity. The ad, posted on March 17 to promote the…

    Nasdaq files Polkadot ETF on behalf of 21Shares

    Nasdaq officially asked the U.S. Securities and Exchange Commission for permission to list a 21Shares Polkadot ETF. Nasdaq filed formal paperwork with the SEC to allow the trading of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Stock market today: BSE, SAIL among 5 stocks in F&O ban list on March 19

    Stocks to buy under ₹100: Experts recommend three intraday stocks for today – 19 March 2025

    Stock market today: Trade setup for Nifty 50 to global markets; eight stocks to buy or sell on Wednesday— March 19, 2025

    Buy or sell: Vaishali Parekh recommends three stocks to buy today — 19 March 2025

    Judge blocks Trump’s transgender military ban

    Dividend powerhouses to invest in: Raja Venkatraman’s top picks

    Dividend powerhouses to invest in: Raja Venkatraman’s top picks