PANews reported on March 18 that according to Decrypt, Cumberland SG, the Asian subsidiary of US cryptocurrency trading company Cumberland, said on Monday that it has obtained in-principle approval for a major payment institution license from the Monetary Authority of Singapore. Once fully granted, the MPI license will allow Cumberland to provide regulated digital payment token services in the region. Cumberland said in a statement: "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 MAS's in-principle approval indicates that a license can be issued as long as certain conditions are met and no adverse developments occur. MAS reserves the right to revoke the approval if necessary. Companies operating under the MPI framework must comply with strict requirements, including capital adequacy and anti-money laundering compliance.
