Cumberland gets license approval in principle Singapore MIP licenses

The monetary administration of Singapore has approved Cumberland SG, Asia Division Cripto Cripto Ciboburand Cumberland, in principle approval for the main payment permit.

Approval, which was announced 18. March, adopts a company one step closer to the provision of regulated digital payment services in Singapore. Approval in principle indicates that Cumberland fulfilled the first set of regulatory requests for payment licenses.

However, it still needs to meet several other conditions in order to obtain a full license. MAS reserves the right to subtract approval if necessary.

After obtaining a full license, Cumberland will be able to offer institutional clients in Singapore a wider range of harmonized digital resources services. According to the company, approval strengthens its presence in Singapore, which considers the main financial hub for digital property.

Cumberland is used by institutional clients worldwide offering market and liquidity services for a number of cryptocurrency. The company is division of the DRW, a major A player in traditional and digital market markets, based in Chicago.

Singapore appeared as a desirable jurisdiction of the companies of digital funds due to its progressive regulatory framework. Coins, Bitgo and Anchorage are among 29 companies that secured the licenses for digital payment to Mas.

Last months also have twins and OCCs received Approvals, reinforcing position of Singapore as growing hubs for top cryptocurnancy firms.

Announcement comes on the heels of US securities and the transition of the exchange commission dismiss His case against Cumberland at 4. March. The case was part of a larger regulatory occurrence in which the sex accused the company to deal with unregistered securities.

Under the new, Cripto-friendly sec leadershipSeveral investigations also fell, including against consensus and Kraken. In addition to progress in Singapore and Camberland, Cumberland covers regulatory clarity because it expands its institutional digital property services in key markets.