Cumberland's application for a licence in Singapore has been completed. The company disclosed that its Singapore subsidiary Cumberland SG Pte. Ltd. had obtained a large payment agency licence issued by the Singapore Finance Authority (MAS) to provide locally regulated digital payment token services and cross-border remittance services.
License covers two types of business.
The licence was issued under the Singapore Payment Services Act and allowed Cumberland SG to carry out two operations: digital payment token services and cross-border remittance services. The company, which had obtained its approval in principle in March of this year, has now officially completed the stocking process.
Cumberland indicated that it would continue to expand its business profile in Singapore. The company is the encrypted transaction and liquidity business unit under the umbrella of the DRW in Chicago and provides market and liquidity services primarily to institutional clients.
Singapore continues to sell and enforce its laws.
This deal is taking place at a time when Singapore continues to approve compliance encryption agencies while strengthening regulatory review. MAS has maintained high access standards in recent years, with a focus on disclosure of information, risk management, conflict of interest control and outsourcing arrangements.
Earlier this year, MAS withdrew Bsquared Technology's large payment agency license plates. The regulator stated that the inspection found that the company had false or misleading statements, as well as problems with risk management, conflict of interest control and outsourcing arrangements, and was assessing the related executive responsibility.
Many encryption companies have been approved locally.
In June, MAS added Bybit Fintech Limited and its trading platform to the investor alert list. The regulator indicated that the list was intended to serve as a reminder to the public that the entities concerned might be mistakenly considered to be licensed or regulated in Singapore, but did not amount to enforcement sanctions or business bans.
While maintaining the intensity of the review, Singapore continues to issue licence plates to the required encryption companies. Prior to this, companies such as Bitgo, Coinbase, Anchorage, Gemini and OKX had obtained relevant approvals, showing that they were still attracting institutional digital asset operations.
The US case was dropped in March.
The recent regulatory developments in Cumberland have not only taken place in Singapore. In March this year, the United States Securities and Exchange Commission withdrew its enforcement case against the company and ended its allegations of operating as an unregistered securities dealer.