Cumberland SG, the Asian division of US-based crypto trading firm Cumberland, has taken a significant step towards expanding its institutional digital asset services in Singapore.
The Monetary Authority of Singapore (MAS) has granted the company in-principle approval for a Major Payment Institution (MPI) license, marking another milestone in the city-state’s growing role as a regulated digital asset hub.
We are pleased 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…
The approval, announced on March 18, allows Cumberland SG to proceed toward full regulatory clearance, a requirement to offer digital payment token services in Singapore.
While this initial clearance confirms that Cumberland SG has met the first stage of compliance, additional conditions must be fulfilled before the firm is granted a full license.
MAS retains the authority to revoke this approval if requirements are not met.
Institutional crypto trading shifts globally
Once fully licensed, Cumberland SG will be able to provide institutional investors in Singapore with compliant digital asset trading services.
The firm specialises in market-making and liquidity provision across various cryptocurrencies, positioning itself as a key player in institutional crypto markets.
As a division of DRW, a Chicago-based trading giant with significant influence in both traditional and digital asset markets, Cumberland’s operations are aligned with increasing institutional interest in regulated cryptocurrency trading.
Singapore’s regulatory approach has drawn the attention of leading digital asset firms.
The city-state’s licensing framework has already attracted major players, including Robinhood, Coinbase, BitGo, and Anchorage, all of whom hold digital payment token licenses from MAS.
The number of approved companies now stands at 29, reflecting the region’s appeal to institutional crypto traders seeking regulatory clarity.
In recent months, Gemini and OKX have also obtained approvals, further cementing Singapore’s reputation as a rising centre for regulated cryptocurrency firms.
With firms like Cumberland SG receiving the green light for expansion, the institutional crypto trading landscape in Singapore continues to mature, offering stability and compliance in an industry that has often struggled with regulatory uncertainty.
Broader crypto regulatory shift
Cumberland SG’s progress in Singapore follows a recent regulatory shift in the US.
Earlier this month, the US Securities and Exchange Commission (SEC) dismissed its case against the firm, part of a broader retreat from aggressive enforcement actions against crypto firms.
The SEC had previously accused Cumberland of dealing in unregistered securities, but under its new leadership, several cases, including those against Consensys and Kraken, have been dropped.
While the US regulatory landscape still remains uncertain, firms operating in Singapore benefit from a clear, structured licensing process that provides legitimacy and market confidence.
The decision by Cumberland SG to expand in Singapore aligns with a broader trend of crypto firms seeking jurisdictions that offer regulatory certainty without stifling innovation.
Institutional demand fuels crypto growth
The in-principle approval granted to Cumberland SG signals continued institutional interest in crypto trading under-regulated frameworks.
With Singapore emerging as a leader in digital asset regulation, firms like Cumberland SG are positioning themselves to cater to institutional investors who prioritise compliance and stability.
As MAS continues to issue licenses and refine its regulatory oversight, Singapore is expected to attract more institutional trading firms looking for a reliable regulatory environment.
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