Cumberland, the crypto trading and liquidity arm of Chicago-based DRW, said it has obtained a Major Payment Institution licence from the Monetary Authority of Singapore, giving its local business approval to provide regulated digital asset-related payment services in the city-state.
Licence covers two regulated services
According to the company, the licence authorises Cumberland SG to offer Digital Payment Token services and Cross-Border Money Transfer services under Singapore’s Payment Services Act. The approval moves the firm from provisional clearance to full licensing in one of the more closely supervised digital asset markets.
Cumberland said the licence supports its ability to operate within Singapore’s regulatory framework as it develops services for institutional clients. The company also described Singapore as a leading global financial centre and said the jurisdiction continues to uphold a high bar for digital asset regulation.
Path from in-principle approval
The full licence follows an earlier step in the approval process. In March, MAS granted Cumberland SG in-principle approval for an MPI licence. At the time, Cumberland said that once a full licence was issued, it would be able to expand compliant digital asset services for institutional customers.
The latest announcement confirms that the process has now been completed. Cumberland said its team intends to keep building out its presence in Singapore following the approval.
Institutional focus
Cumberland operates as a trading and liquidity provider in digital asset markets, serving institutional participants. The firm is part of DRW, a Chicago-based trading company, and is known for market-making and liquidity services across the crypto sector.
The Singapore licence therefore formalises the regulatory footing for its local unit as it offers payment-related crypto services and cross-border transfer capabilities within the scope allowed by MAS.
Singapore’s regulatory approach
The approval also highlights Singapore’s continued selective approach to digital asset licensing. MAS has maintained a strict licensing regime for crypto-related businesses, continuing to grant approvals to firms that meet its standards while keeping regulatory oversight in place.
For Cumberland, the MPI licence marks the completion of a process that started with in-principle approval in March and gives the company authorisation to provide two regulated services in Singapore as it expands its institutional business in the market.
Source: crypto.news