Cumberland SG, the Asia subsidiary of U.S.-based crypto trading firm Cumberland, has received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This approval is pivotal as it allows Cumberland to further expand its presence in Singapore, which is emerging as a significant hub for digital asset services. The Major Payment Institution license will enable Cumberland to offer regulated digital payment token services once fully granted. The firm emphasized its commitment to compliance and market expertise as it aims to support counterparties in Singapore and beyond. This development aligns with Singapore's goal of being a global leader in the digital asset space, which has seen several companies, including Gemini and OKX, also obtain similar licenses recently. Cumberland's approval signals strong confidence from the MAS, although the license is contingent upon meeting certain conditions and maintaining compliance with regulatory standards.

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