Cumberland SG Receives In-Principle Approval for Major Payment Institution License

Cumberland SG, the Asia subsidiary of U.S.-based crypto trading firm Cumberland, announced on Monday that it has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This approval signifies a critical move for Cumberland to enhance its operations in Singapore, a significant financial hub for digital assets. The MPI license, once fully granted, will enable Cumberland to provide regulated digital payment token services in the city-state.

As a subsidiary of Chicago’s DRW, Cumberland is a prominent liquidity provider in the crypto market, known for its over-the-counter trading services for institutional clients. The firm facilitates substantial digital asset transactions and engages in market-making across various cryptocurrencies.

Cumberland stated, “In-principle approval is a strong signal of confidence from MAS, but it does not constitute a license at this stage.” The firm emphasized its commitment to compliance and intends to leverage its market expertise for clients in Singapore and beyond.

The MAS’s in-principle approvals suggest that a license may be granted once specific conditions are met and if no negative developments occur. However, the MAS retains the right to revoke this approval if deemed necessary.

Singapore aims to be a global digital asset hub, having tightened regulations in recent years following the downfall of several high-profile crypto companies. Firms under the MPI framework must adhere to rigorous requirements, including capital adequacy and anti-money laundering compliance.

Cumberland is among a growing number of crypto firms seeking regulatory approval in Singapore to strengthen its role as a gateway for institutional digital asset trading in the Asia-Pacific region.

Notably, in October 2024, Gemini received in-principle approval to offer digital payment token services and cross-border money transfer services. In November 2024, OKX introduced instant Singapore dollar deposits and withdrawals for local customers after acquiring a payments license from MAS in September.

As of March 2025, MAS has issued a total of 29 digital payment token licenses, including those for Coinbase, BitGo, and Anchorage, according to the central bank’s latest data.