Cumberland gains in-principle Singapore MIP license approval

The Monetary Authority of Singapore granted Cumberland SG, the division in Asia of the American crypto negotiation company Cumberland, approval of the principle of a major license of payment institution.

The approval, which was announced on March 18, brings the company closer to provide regulated digital payment token services in Singapore. An approval in principle indicates that Cumberland has satisfied the first set of regulatory requirements for a license for payment services.

However, he still has to fulfill several other conditions to obtain a complete license. Mas keeps the right to revoke approval if necessary.

After obtaining a complete license, Cumberland will be able to offer institutional customers in Singapore a wider range of compliant digital asset services. According to the company, approval strengthens its presence in Singapore, which it considers a major financial center for digital assets.

Cumberland is aimed at institutional customers around the world by offering market and liquidity manufacturing services for a range of cryptocurrencies. The company is a DRW division, a major Player on the markets of traditional and digital assets, with its head office located in Chicago.

Singapore has become a favorite competence for digital asset companies due to its progressive regulatory framework. Coinbase, Bitgo and Anchorage are among the 29 companies that have obtained MAS digital payment token licenses.

In recent months, Gemini and OKX have also received Approval, strengthening Singapore’s position as an increasing center for the best regulated cryptocurrency companies.

The announcement comes dismiss His case against Cumberland on March 4. The case was part of a greater regulatory repression in which the SEC accused the company of processing unregistered securities.

Under the new dry crypto-friendly directionSeveral surveys have also been abandoned, including those against consensys and Kraken. With progress in Singapore and the United States, Cumberland makes progress towards regulatory clarity when it extends its institutional services to digital assets on the key markets.