Global crypto liquidity provider Cumberland has secured in-principle approval from Singapore’s financial regulator to operate under the country’s stringent Payment Services Act.
The move marks a significant milestone in Cumberland’s efforts to expand its regulated services in Asia, particularly as institutional demand for crypto trading and payments grows across the region.
The Monetary Authority of Singapore (MAS) issued the in-principle approval, allowing Cumberland to operate as a Major Payment Institution. This status will enable the firm to legally offer digital payment token services, including crypto-related payment and trading activities, to institutional clients and accredited investors in Singapore.
While Cumberland still needs to meet additional conditions to secure full licensing, the approval signals MAS’s recognition of the firm’s compliance efforts and operational readiness. Singapore’s regulatory framework is known for its high standards, focusing on anti-money laundering (AML) compliance, consumer protection, and overall market stability.
“An IPA does not constitute a license at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate,” the announcement post stated.
Cumberland’s Asia-Pacific head, Chris Rossi, expressed confidence in the company’s ability to meet the final requirements, emphasizing Singapore’s role as a vital hub for digital asset growth and institutional participation.
Singapore Solidifies Position as Crypto-Friendly Jurisdiction
Cumberland’s regulatory progress comes as Singapore continues to cement its reputation as one of the most crypto-forward jurisdictions globally. Over the past few years, MAS has granted payment licenses to several major crypto firms, including Coinbase, Circle, Crypto.com, and Ripple, fostering a supportive yet tightly controlled environment for digital asset businesses.
In more recent times, several high-profile players have joined Singapore’s regulated crypto landscape. In October 2024, Gemini received in-principle approval to offer digital payment token services and cross-border money transfers, further strengthening its foothold in the Asian market.
Shortly after, in November 2024, leading exchange OKX introduced instant Singapore dollar deposits and withdrawals for local users after obtaining its payments license from the Monetary Authority of Singapore (MAS) in September. These moves reflect the confidence crypto firms place in Singapore’s transparent, well-structured regulatory framework.
As of March 2025, MAS has granted a total of 29 digital payment token licenses, with notable recipients including Coinbase, BitGo, and Anchorage, according to the central bank’s latest data.
By balancing innovation with robust oversight, Singapore has attracted a growing number of institutional players seeking regulatory certainty—a key factor as global crypto markets mature and compliance becomes a priority.
Cumberland’s milestone also reflects a broader shift within the crypto industry. As regulatory scrutiny intensifies worldwide, major firms are actively seeking licenses and regulatory approvals to legitimize their operations and reassure clients.
In regions like Hong Kong, the European Union, and the UAE, regulators are similarly establishing clear guidelines and licensing regimes to govern crypto service providers. Firms that secure licensing in these jurisdictions are better positioned to attract institutional capital, mitigate legal risks, and participate in shaping the future regulatory landscape.
Quick Facts:
- Cumberland received in-principle approval from Singapore’s MAS to offer digital payment token services.
- The approval moves Cumberland closer to becoming a fully licensed Major Payment Institution in Singapore.
- Singapore remains a leading crypto-friendly jurisdiction, balancing innovation with strict regulatory oversight.
- The crypto industry is seeing a global shift toward regulatory compliance, with firms racing to secure licenses in key markets.
