Cumberland Takes Major Step Toward Dominating Singapore’s Crypto Payment Market!

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🚨 Singapore Scoop: Cumberland Secures Preliminary Approval for Payment License 🚨

Well, well, well! Look who’s making waves in the world of crypto! Cumberland SG, the Asia division of the U.S.-based crypto trading firm Cumberland, has just received a pat on the back from the Monetary Authority of Singapore (MAS). The MAS has granted Cumberland SG in-principle approval for a Major Payment Institution license.

This is the first step towards providing regulated digital payment token services in Singapore, and Cumberland is over the moon, no doubt. An in-principle approval is like a gold star on the fridge – it means Cumberland has met the first set of regulatory requirements for a payment services license. But, of course, it’s not all champagne and caviar just yet.

Cumberland still needs to meet a few other conditions to get the full license. And, as with all things in life, the MAS retains the right to revoke approval if necessary. But we’re sure Cumberland is confident it’ll pass with flying colors.

We are delighted to announce that Cumberland SG Pte. Ltd. has received in-principle approval for the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). We look forward to expanding our presence in this important region, bringing our disciplined…

— Cumberland (@CumberlandSays) March 18, 2025

Once Cumberland gets that full license, it’ll be able to offer its institutional clients in Singapore a wider range of compliant digital asset services. And, as the firm so eloquently puts it, this 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. It’s a division of DRW, a major player in both the traditional and digital asset markets, with its headquarters located in Chicago. Talk about a big player in the game!

Singapore has become a hotbed for digital asset firms due to its progressive regulatory framework. Coinbase, BitGo, and Anchorage are among the 29 companies that have secured digital payment token licenses from the MAS. And, in recent months, Gemini and OKX have also received approvals, solidifying Singapore’s position as a rising hub for top regulated cryptocurrency firms.

This 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. But, under the new, crypto-friendly SEC leadership, several investigations have 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. And, as the saying goes, when life gives you lemons, make lemonade. Or, in this case, when life gives you regulatory approvals, make a killing in the crypto market!

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2025-03-18 09:05