Cumberland receives principle approval for Singapore payment license

According to Decrypt, Cumberland SG, the Asian subsidiary of US cryptocurrency trading company Cumberland, announced on Monday that it has received approval in principle from the Monetary Authority of Singapore for its major payment institution license. Once fully granted, the MPI license will allow Cumberland to provide regulated digital payment token services in the region. Cumberland stated in a statement, "Approval in principle is a strong signal of confidence from the Monetary Authority of Singapore, but at this stage it does not constitute permission The principle approval of the Monetary Authority of Singapore states that a license can be issued as long as certain conditions are met and there are no adverse developments. If necessary, the Monetary Authority of Singapore reserves the right to revoke approval. Companies operating under the MPI framework must comply with strict requirements, including capital adequacy ratio and anti money laundering compliance.