- Cumberland SG gains in-principle approval for a Major Payment Institution license from MAS.
- The MPI license allows Cumberland to offer regulated digital asset services in Singapore.
- Over 29 digital payment token licenses were issued by the Monetary Authority of Singapore till date.
Cumberland SG has taken a key step toward expanding in Asia’s growing crypto market. The company has announced of getting in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The firm shared the update via a post on X. The MPI license will allow Cumberland SG to provide regulated digital payment token services in Singapore once fully granted.
Cumberland SG is the Asia arm of Chicago-based Cumberland, a leading crypto trading and liquidity provider. The firm specializes in over-the-counter trading for institutional clients. It also facilitates large-scale crypto transactions and market-making activities. Cumberland SG said it is committed to compliance and aims to bring its market expertise to Singapore and the broader region.
An in-principle approval signals MAS’ confidence in the firm. However, it does not represent a full license yet. MAS stated that a license may be issued if Cumberland meets specific conditions. The regulator also reserves the right to withdraw the approval if any material issues arise.
Singapore has been strengthening its regulatory approach to digital assets. This follows major recent collapses within the crypto industry. As a result, MAS has increased oversight of firms operating in the space. Companies under the MPI framework must meet strict capital and anti-money laundering rules.
Related: Hex Trust Gains A License in Singapore For Crypto Services
Cumberland joins several crypto firms seeking to expand in Singapore. Gemini, a major crypto exchange, received in-principle approval for a similar license in October 2024. In November 2024, OKX began offering instant Singapore dollar deposits and withdrawals after securing a payments license from MAS.
Cumberland SG aims to leverage Singapore’s position as a financial center. With this move, it aims to be a gateway for institutional crypto trading in the Asia-Pacific region. The company said it looks forward to bringing its disciplined compliance approach and services to counterparties in Singapore and beyond.
MAS has issued a total of 29 digital payment token licenses as of March 2025. Licensees include major industry names like Coinbase, BitGo, and Anchorage. Singapore’s focus on regulated growth in the crypto industry continues to attract major players from around the world. This strategic expansion by Cumberland follows current market trends in the region.
