Cumberland SG, the Asia subsidiary of U.S.-based crypto buying and selling agency Cumberland, mentioned 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 mentioned in a assertion on X.
The MPI license, as soon as absolutely granted, would permit Cumberland to offer regulated digital cost token companies 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 companies 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, however it doesn’t represent a license at this stage,” Cumberland mentioned 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 opposed developments come up.
MAS retains the proper to revoke the approval if vital.
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 companies.
Corporations working underneath the MPI framework are topic to stringent necessities, together with capital adequacy and anti-money laundering compliance.
Cumberland joins a rising checklist of crypto companies 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 obtained in-principle approval to supply digital cost token companies and cross-border cash switch companies.
Equally, in November 2024, OKX launched on the spot Singapore greenback deposits and withdrawals for native prospects 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.
