18-3-2025 – Cumberland SG has secured preliminary regulatory clearance from the city-state’s financial watchdog, marking a pivotal milestone in its Asian expansion strategy.
The Singapore arm of the prominent US-based cryptocurrency trading enterprise, owned by Chicago trading powerhouse DRW, received in-principle approval for the coveted Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Whilst this preliminary endorsement signals positive regulatory sentiment, Cumberland SG emphasised that the approval remains conditional. The firm must satisfy specific criteria and maintain a clean operational record before securing full licensure, with MAS reserving the authority to withdraw its provisional consent.
Singapore’s regulatory framework has evolved substantially following the turbulent collapse of several cryptocurrency ventures, with the financial hub adopting a measured approach to digital asset oversight. The MPI licensing regime imposes robust requirements, including stringent capital adequacy measures and comprehensive anti-money laundering protocols.
As a leading liquidity provider in cryptocurrency markets, Cumberland specialises in facilitating substantial digital asset transactions and market-making operations across diverse cryptocurrencies, primarily serving institutional clientele through over-the-counter trading services.
The Asian cryptocurrency landscape has witnessed increased regulatory activity, with several prominent firms securing similar approvals. Gemini obtained preliminary clearance for digital payment token and cross-border transfer services in October 2024, whilst OKX launched Singapore dollar functionality for local users following its September licence acquisition.
The movement reflects Singapore’s strategic positioning as a global digital asset nucleus, with the jurisdiction already hosting 29 licensed digital payment token operators as of March 2025, including industry stalwarts Coinbase, BitGo, and Anchorage.
Cumberland’s regulatory milestone reinforces its commitment to compliant operations as it seeks to enhance its institutional trading gateway presence throughout the Asia-Pacific region, whilst adhering to Singapore’s sophisticated regulatory architecture.
