Cumberland SG, the Asia-subsidiary company of the American crypto-trading company Cumberland, said on Monday that it was in principle approved for an important license for payment institution of the monetary authority of Singapore.
The approval marks a step for the company to expand its presence in Singapore, an important financial hub for digital assets, Cumberland said in a rack On X.
The MPI license, once fully granted, would allow Cumberland to provide regulated digital payment samples in the city state.
Cumberland, a subsidiary of Chicago -based trading company DRW, is a leading liquidity provider in the cryptomarket and offers freely available trading services for institutional customers.
The company facilitates large -scale digital activa transactions and market activities in various cryptos.
“In-principle approval is a strong signal of trust from MAS, but it is not a license at this stage,” Cumberland said in his statement.
The company added that it is committed to compliance and is intended to bring its market expertise to counterparties in Singapore and beyond.
The monetary authority of the Singapore in principle approvals from Singapore indicates that a license can be issued as soon as certain conditions have been met and no adverse developments have arisen.
MAS reserves the right to withdraw the approval if necessary.
Singapore has positioned itself as a global digital assets hub, whereby the regulator has tightened up supervision in recent years after the collapse of various speeching crypto companies.
Companies that are active under the MPI framework are subject to strict requirements, including capital and anti-money laundering practice.
Cumberland participates in a growing list of crypto companies that are looking for approval of the regulations in Singapore, because it wants to cash in its position as a gateway for institutional digital asset trade in the Asia-Pacific region.
In October 2024, Gemini received approval in principle to offer digital payment vocal services and cross -border money transfer services.
In November 2024, OKX launched immediate deposits and recordings of Singapore Dollar for local customers after receiving a payment permit from MAS in September.
From March 2025, MAS has issued a total of 29 digital payment to the licenses, including Coinbase, Bitgo and Anchorage, according to the latter figures.
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