Cumberland SG Pte. Ltd. Receives in-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) to Operate as a Major Payment Institution (MPI)

Cumberland SG Pte. Ltd., the Singapore-based Asian arm of U.S.-based crypto trading company Cumberland, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to have a Major Payment Institution (MPI) license.

Cumberland SG Pte. Ltd., the Asian arm of U.S.-based crypto trading company Cumberland, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to have a Major Payment Institution (MPI) license.

The company will be able to provide regulated digital asset payment services in Singapore when fully licensed.

The company will be able to provide regulated digital asset payment services in Singapore when fully licensed. While an IPA signifies MAS’s plan to issue a license, it is not a go-ahead. Cumberland SG also has to meet some conditions before it can be issued the complete MPI license. MAS can even withdraw the IPA if there is any major issue.

“The company will only be granted a license upon fulfillment of all conditions and as long as there are no negative developments. This license does not yet permit us to fully operate but is an important step towards expansion in Singapore’s regulated crypto space,” a company spokesperson said.

Singapore has become a hub for cryptocurrency firms due to its plans for regulation and the strength of its requirements for compliance. So far, up to March 2025, MAS has granted 29 licenses for digital payment tokens, with industry heavyweights such as Coinbase (NASDAQ:), BitGo, Anchorage, Gemini, and OKX falling under this regime. The government has brought in more regulation following previous failures in the industry while being one of the top destinations for well-regulated digital asset companies.

Cumberland SG’s release follows weeks since the U.S. Securities and Exchange Commission (SEC) threw out its case against the company. The SEC’s case, which began in November 2024, was part of a string of regulatory crackdowns on trading of unregistered securities in the crypto market. The company was sued by the SEC for allegedly offering and selling unregistered securities in the form of crypto derivatives to U.S. clients.

The agency’s case focused on Cumberland’s alleged violation of Section 5 of the Securities Act of 1933. However, the SEC later moved to dismiss the case without prejudice, stating that it had determined no public interest would be served by continuing the action. This signals the closure of the legal issue, which could strengthen Cumberland SG’s regulatory standing and simplify its expansion in Asia.

With its regulatory way clear and a key stage in the licensing process complete, Cumberland SG is now well-positioned to increase its footprint in Singapore’s crypto market. The company will take its next steps to meet MAS’s requirements for the full MPI license and launch compliant crypto payment services in the region.