Cumberland SG has received in-principle approval for a license from the Monetary Authority of Singapore

ChainCatcher News, the Asian subsidiary of the American cryptocurrency trading company Cumberland, Cumberland SG, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

Once the MPI license is fully granted, it will allow Cumberland to provide regulated digital payment token services in the region. Cumberland stated, "The in-principle approval is a strong signal of confidence from the Monetary Authority of Singapore, but it does not constitute a license at this stage."

The in-principle approval from the Monetary Authority of Singapore indicates that a license can be issued as long as certain conditions are met and no adverse developments occur. If necessary, the Monetary Authority of Singapore reserves the right to revoke the approval. Companies operating under the MPI framework must comply with strict requirements, including capital adequacy and anti-money laundering compliance.