Catenaa, Monday, March 24, 2024 – Cumberland SG, the Asia subsidiary of U.S-based crypto trading firm Cumberland, announced Monday that it has received in-principal approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The approval is a key step toward expanding its regulated digital asset services in the financial hub.
Once fully granted, the MPI license will allow Cumberland to provide digital payment token services under Singapore’s stringent regulatory framework. The firm, a subsidiary of Chicago-based trading giant DRW, is a leading liquidity provider in the crypto space, facilitating large-scale over-the-counter (OTC) transactions for institutional clients.
In principle, approval is a strong signal of confidence from MAS, but it does not constitute a license at this stage,” Cumberland stated, emphasizing its commitment to compliance and institutional-grade market expertise.
Singapore has reinforced its position as a global digital asset hub, tightening oversight in the wake of high-profile crypto collapses. Companies under the MPI framework must meet strict capital adequacy and anti-money laundering standards.
Cumberland joins a growing list of firms securing regulatory approval in Singapore. Gemini received in-principle approval in October 2024, while OKX launched instant SGD transactions after obtaining a payments license in September. As of March 2025, MAS has issued 29 digital payment token licenses, including to Coinbase, BitGo, and Anchorage.
