Cumberland SG, the Asia subsidiary of U.S.-based crypto buying and selling agency Cumberland, stated on Monday it has obtained in-principle approval for a Main Fee Establishment license from the Financial Authority of Singapore.
The approval marks a step for the agency to broaden its presence in Singapore, a key monetary hub for digital belongings, Cumberland stated in a assertion on X.
The MPI license, as soon as absolutely granted, would permit Cumberland to supply regulated digital fee token providers within the city-state.
Cumberland, a subsidiary of Chicago-based buying and selling agency DRW, is a number one liquidity supplier within the crypto market, providing over-the-counter buying and selling providers for institutional purchasers.
The agency facilitates large-scale digital asset transactions and market-making actions throughout a spread of cryptos.
“In-principle approval is a powerful sign of confidence from MAS, but it surely doesn’t represent a license at this stage,” Cumberland stated in its assertion.
The agency added that it stays dedicated to compliance and goals to deliver its market experience to counterparties in Singapore and past.
The Financial Authority of Singapore’s in-principle approvals signifies {that a} license could also be issued as soon as sure circumstances are met and no antagonistic developments come up.
MAS retains the correct to revoke the approval if essential.
Singapore has positioned itself as a world digital asset hub, with the regulator tightening oversight lately following the collapse of a number of high-profile crypto corporations.
Corporations working below the MPI framework are topic to stringent necessities, together with capital adequacy and anti-money laundering compliance.
Cumberland joins a rising record of crypto corporations searching for regulatory approval in Singapore because it goals to solidify its place as a gateway for institutional digital asset buying and selling within the Asia-Pacific area.
In October 2024, Gemini obtained in-principle approval to supply digital fee token providers and cross-border cash switch providers.
Equally, in November 2024, OKX launched instantaneous Singapore greenback deposits and withdrawals for native clients following its receipt of a funds license from MAS in September.
As of March 2025, MAS has issued a complete of 29 digital fee token licenses, which incorporates the likes of Coinbase, BitGo and Anchorage, in accordance with the central financial institution’s newest figures.
