TechFlow reported on March 18, according to Decrypt, that Cumberland SG, the Asian subsidiary of U.S.-based cryptocurrency trading firm Cumberland, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
Once formally licensed, Cumberland will be able to offer regulated digital payment token services in Singapore. Cumberland is a subsidiary of Chicago-based trading firm DRW and serves as a major liquidity provider in the crypto markets, offering over-the-counter trading services to institutional clients.
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