- Cumberland SG has secured in-principle approval from the Monetary Authority of Singapore (MAS).
- Once fully licensed, the firm will be able to offer regulated digital asset services in Singapore.
Cumberland SG Pte. Ltd., the Asian arm of U.S.-based cryptocurrency trading firm Cumberland, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
While an IPA indicates MAS’s willingness to issue a license after certain conditions are fulfilled, it is not a complete operating license. MAS can still withdraw the approval of Cumberland if any material adverse developments occur.
Upon acquisition, the MPI license will allow Cumberland SG to offer regulated crypto-related payment services in Singapore, a market that remains a magnet for high-quality digital asset participants as a result of its forward-thinking regulatory framework and commitment to supporting innovation while continuing to apply strong compliance standards.
Cumberland stated:
“A license may be issued to the applicant upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute a license at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.”
Singapore’s Growing Crypto Landscape
Singapore has solidified its status as a leading destination for cryptocurrency firms. In recent years, MAS has tightened regulatory oversight following the collapse of major players in the industry.
Up to March 2025, MAS has issued 29 digital payment token licenses. Key players such as Coinbase, BitGo, and Anchorage are already operating in this regime. The latest licensing of exchanges such as Gemini and OKX serves to underscore Singapore as a favored domicile for properly regulated digital asset firms.
In addition, the statement by Cumberland SG closely follows the dismissal of the case against the company by the U.S. Securities and Exchange Commission on March 4, 2025.
The Cumberland suit was one of a series of regulatory crackdowns on unregistered dealings in securities within the crypto universe. The resolution of the case seems to pave the way for Cumberland to improve its regulatory position in the Asian market.
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