Cumberland SG, the Asia subsidiary of U.S.-based crypto buying and selling agency Cumberland, stated on Monday it has acquired in-principle approval for a Main Fee Establishment license from the Financial Authority of Singapore.
The approval marks a step for the agency to develop 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 enable Cumberland to offer regulated digital cost 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 variety of cryptos.
“In-principle approval is a robust 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 convey 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 adversarial developments come up.
MAS retains the best to revoke the approval if mandatory.
Singapore has positioned itself as a worldwide digital asset hub, with the regulator tightening oversight in recent times following the collapse of a number of high-profile crypto corporations.
Firms working below the MPI framework are topic to stringent necessities, together with capital adequacy and anti-money laundering compliance.
Cumberland joins a rising listing of crypto corporations in search of 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 acquired in-principle approval to supply digital cost token providers and cross-border cash switch providers.
Equally, in November 2024, OKX launched on the spot 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 cost token licenses, which incorporates the likes of Coinbase, BitGo and Anchorage, in keeping with the central financial institution’s newest figures.
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