Cumberland has secured a Major Payment Institution licence from Singapore’s central bank, allowing its local unit to offer regulated digital payment token and cross-border money transfer services.
Summary
- Cumberland has received a Major Payment Institution licence from Singapore’s MAS to provide digital payment token and cross border money transfer services.
- The approval completes the licensing process after Cumberland SG received in principle approval from MAS in March.
- The licence comes as MAS continues approving compliant crypto firms while taking enforcement action against companies that fail to meet its regulatory standards.
According to an announcement by cryptocurrency trading and liquidity provider Cumberland on X, its Singapore subsidiary, Cumberland SG Pte. Ltd., has received the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
The approval authorises the company to provide Digital Payment Token (DPT) services and Cross-Border Money Transfer services under Singapore’s Payment Services Act.
In its announcement, Cumberland said Singapore continues to maintain a high standard for digital asset regulation and described the country as one of the world’s leading financial centres. The company added that its team plans to continue expanding its presence in the jurisdiction.
The approval completes a licensing process that began in March, when MAS granted Cumberland SG in-principle approval for an MPI licence. At the time, the regulator said the company had satisfied the initial regulatory requirements but still needed to meet additional conditions before receiving the full licence. Cumberland had said the approval would allow it to expand compliant digital asset services for institutional clients once the licence was issued.
Cumberland is the crypto trading and liquidity arm of Chicago-based DRW and provides market-making and liquidity services to institutional clients across digital asset markets.
Cumberland’s regulatory progress also follows developments in the United States. In March, the U.S. Securities and Exchange Commission dismissed its enforcement case against the company, ending allegations that it had operated as an unregistered securities dealer. The dismissal formed part of a series of crypto-related cases dropped by the agency under its new leadership.
Singapore keeps a strict licensing standard
The latest approval comes as MAS continues to combine new licence approvals with close regulatory oversight of crypto firms operating in Singapore.
Earlier this year, the regulator revoked the MPI licence of Bsquared Technology after finding false or misleading statements, weaknesses in risk management, conflict-of-interest controls, and outsourcing arrangements during an inspection. MAS also said it was reviewing whether senior officers at the company could be held personally accountable for the breaches.
Regulatory scrutiny has also extended to firms without local authorisation. In June, MAS added Bybit Fintech Limited and its trading platform to its Investor Alert List, which the regulator says identifies entities that could be mistakenly viewed as licensed or regulated in Singapore. MAS noted that the list is a public warning tool rather than an enforcement action or operating ban.
While maintaining those compliance standards, Singapore has continued issuing licences to firms that meet its requirements. Previous approvals have been granted to crypto companies including BitGo, Coinbase, Anchorage, Gemini and OKX, reinforcing the country’s position as a regulated hub for institutional digital asset businesses.
