Cumberland SG Expands in Singapore
Cumberland SG Pte. Ltd., the Singapore-based subsidiary of U.S. crypto trading firm Cumberland, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This significant step allows Cumberland SG to offer regulated digital asset payment services in Singapore once the full license is granted.
Key Highlights
- In-principle approval (IPA) received from MAS for an MPI license.
- License enables regulated cryptocurrency payment services in Singapore.
- MAS has issued 29 digital payment token licenses as of March 2025.
While the IPA indicates MAS's intention to issue the license, it's not a guarantee. Cumberland SG must still meet specific conditions before receiving the full MPI license. MAS retains the right to withdraw the IPA should any significant issues arise.
Cumberland's Growth in Singapore's Regulated Crypto Market
The license, once fully granted, represents a crucial step in Cumberland SG's expansion within Singapore's regulated cryptocurrency space. Singapore's forward-thinking regulatory framework and stringent compliance requirements have established it as a hub for cryptocurrency firms. The government's approach balances innovation with robust oversight, following past industry challenges. This makes Singapore an attractive location for well-regulated digital asset companies.
By March 2025, MAS had already granted 29 licenses for digital payment tokens to major players including Coinbase, BitGo, Anchorage, Gemini, and OKX. This further underscores Singapore's commitment to responsible crypto innovation.
This development follows the SEC's dismissal of its case against Cumberland on March 4, 2025. The resolution of this legal matter strengthens Cumberland SG's regulatory position and facilitates its expansion in Asia.
Next Steps for Cumberland SG
Cumberland SG will now focus on fulfilling the remaining requirements set by MAS to secure the full MPI license and launch its regulated crypto payment services in Singapore. This expansion highlights the growing maturity and regulatory clarity within the Singaporean cryptocurrency market.
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