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We are proponents of thoughtful, principles-based regulation.

We work to support regulation that protects the integrity of the markets and its participants, while encouraging innovation and the sustainable growth of the industry. Cumberland is a founding member of a number of organizations that are dedicated to advancing the ecosystem.
blockchain association logo
Blockchain Association is comprised of a group of industry leaders advocating for innovation and collaboration.
ADAM Logo
Association for Digital Asset Markets (ADAM) is developing a code of conduct to foster fair and orderly digital asset markets where participants can transact with confidence.

Creating confidence in your liquidity provider.

DRW and its affiliates* have 30 years of history successfully navigating volatile markets, leveraging its deep expertise in risk management and its commitment to a culture of compliance.
  • DRW Holdings, LLC – LT Rated by Moody''s and S&P
  • FinCEN-Registered Money Services Business

  • Cumberland New York is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

  • Authorized by the Financial Conduct Authority in the UK
  • Cumberland International Trading Ltd. is licensed by the British Virgin Islands ("BVI") Financial Services Commission under the BVI Securities and Investment Business Act.
  • Cumberland Global Limited is registered with the Cayman Islands Monetary Authority under the Cayman Islands Securities Investment Business Act
  • Member of International Swaps and Derivatives Association (ISDA)
  • Cumberland SG Pte. Ltd. has received in-principle approval for the Major Payment Institution License from the Monetary Authority of Singapore.

Additional Licenses

We strongly believe in the need for clear regulation in the cryptoasset space. To that end, we have a number of licenses pending in other jurisdictions and continue to be proactive in the application process.

We work with officials to share our experience & expertise in the market to help design thoughtful policies.

Cumberland made the following specific recommendations in the President’s Working Group Stablecoins report, as we believe Stablecoins have the clearest path to important regulatory clarity and are a critical underpinning of the current crypto ecosystem.

1

Define “Stablecoins” as fully reserved coins backed by a single fiat currency in the form of cash and short-dated government securities.

2

Require that Stablecoin reserves be deposited at insured depository institutions and held in segregated accounts.

3

Establish disclosure and audit rules for Stablecoins, including a requirement that issuers regularly publish “proof of reserves” to support their ability to facilitate redemptions.

4

Require that Stablecoin issuers honor redemption requests above minimum value within a reasonable period of time at nominal cost, provided the request adheres to established banking rules.

5
Give oversight authority to established banking regulators.

*Most Cumberland Group entities are wholly owned subsidiaries of DRW Holdings, LLC.