March 20, 2025
By Anjali Kochhar
Cumberland SG, the Asian arm of the U.S.-based crypto trading firm Cumberland, has received preliminary approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This marks a significant step for the company, though it must still satisfy additional requirements to receive full licensing. The MAS retains the authority to revoke the approval if necessary.
Once granted the full license, Cumberland will be able to offer a broader suite of compliant digital asset services to institutional clients in Singapore. The approval strengthens Cumberland’s foothold in Singapore, a growing financial hub for digital assets. The firm, which provides market-making and liquidity services to institutional clients globally, sees this as an important move in its ongoing expansion.
Cumberland operates as a division of DRW, a major player in both traditional financial markets and digital assets, headquartered in Chicago. Singapore has emerged as an attractive location for digital asset firms due to its progressive regulatory stance. The MAS has granted digital payment token licenses to 29 companies, including major players such as Coinbase, BitGo, and Anchorage.
In recent months, other large crypto firms like Gemini and OKX have also received approval from the MAS, bolstering Singapore’s status as a key hub for regulated cryptocurrency businesses. The country’s forward-looking regulatory framework continues to attract top firms seeking a compliant environment for their operations.
This development comes on the heels of the U.S. Securities and Exchange Commission (SEC) dropping a case against Cumberland on March 4. The SEC had accused the firm of trading unregistered securities, but under new leadership, the agency has dismissed several investigations, including those involving Consensys and Kraken. With regulatory clarity strengthening in both the U.S. and Singapore, Cumberland is well-positioned to further expand its institutional digital asset services in these key markets.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
