Cumberland SG Moves Closer to a Payments License in Singapore!

Jakarta, Pintu News – The Monetary Authority of Singapore (MAS) recently granted approval in principle to Cumberland SG, the Asian division of US-based crypto trading firm Cumberland.

This approval is the first step for Cumberland in providing regulated digital payment token services in Singapore. In principle, it indicates that Cumberland has met the initial regulatory requirements to obtain a payment services license.

Check out the full news below!

Approval in Principle and Next Steps

The approval in principle granted by MAS marks an important milestone for Cumberland in expanding its services in Asia. This approval demonstrates Cumberland’s initial compliance with stringent regulations and paves the way for them to meet additional conditions for a full license.

MAS retains the right to revoke this approval if Cumberland fails to meet all the conditions set. This process emphasizes the importance of meeting high regulatory standards to maintain stable and safe financial services in Singapore.

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Service Expansion and Benefits for Institutional Clients

Upon obtaining a full license, Cumberland can offer a range of regulatory-compliant digital asset services to its institutional clients in Singapore.

This strengthens Cumberland’s position as a major player in the digital asset market and provides an advantage to clients seeking security and compliance in crypto investments.

Singapore is known as a financial center supporting the crypto industry’s innovation and growth. With Cumberland’s growing presence, the number of services and products available to institutional investors in the region is expected to increase.

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Crypto Regulation in Singapore and Globally

Singapore has become a favored location for many digital asset firms thanks to its progressive regulatory framework. With Cumberland joining other companies such as Coinbase, BitGo, and Anchorage, which have secured digital payment token licenses from MAS, Singapore further strengthens its position as a major hub for regulated crypto firms.

Cumberland’s success in gaining this approval also comes after the SEC in the United States dropped its case against Cumberland. This shows a positive trend in more crypto-friendly regulation at the global level, which favors growth and innovation in the industry.

Conclusion

With MAS’s approval in principle, Cumberland SG is now on track to expand its operations in Singapore and provide wider services to its institutional clients. This move benefits Cumberland and strengthens the crypto ecosystem in Singapore, which continues to grow as an important digital finance center in Asia.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Crypto News. Cumberland Secures MIP License Approval in Singapore. Accessed on March 19, 2025
• Featured Image: Generated by Ai