Cumberland Secures Singapore MAS MPI Licence for Regulated Crypto Payment Services

• Cumberland obtained a full MAS MPI license to provide regulated crypto payments and money transfer services in Singapore.
• The license marked the completion of Cumberland SG’s licensing process following its receipt of an in-principle approval in March.
• Singapore is approving compliant crypto firms while keeping tight regulations over the digital asset space.

Cumberland has enhanced its regulatory coverage by obtaining a Major Payment Institution license issued by the Monetary Authority of Singapore. The license permits Cumberland SG Pte. Ltd. to offer Digital Payment Token Services and Cross-Border Money Transfer Services under the Payment Services Act of Singapore. The license concludes the regulatory procedure initiated in March following the in-principle approval granted by MAS to the company. 

After meeting other regulatory requirements, the company received full regulatory approval from the central bank of Singapore. The company stated that Singapore was among the top financial hubs of the world, having strict digital asset regulations. Moreover, the company expressed its plans to broaden institutional digital asset services in the entire region. The license will bring regulatory clarity at a time when institutional demand for cryptocurrency infrastructure is rising across the financial markets of the world.

Licensing Achievement Comes After Larger Regulatory Accomplishments

The licensing achievement in Singapore comes on the heels of yet another regulatory accomplishment by Cumberland in the US earlier in the year. Specifically, during the month of March, the SEC dropped its case against Cumberland with regard to the unregistered securities dealer allegations. 

This is just one among the many cryptocurrency-related regulatory cases that were dropped by the agency under its new management. Cumberland’s Singapore license is yet another step forward for the firm’s international regulatory standing, along with providing additional services to its institutional clientele. This marks yet another instance where the firm is now legally permitted to provide cryptocurrency payment services in a major Asian financial jurisdiction.

Singapore’s Approach of Innovation and Regulatory Oversight in Balance

Singapore keeps licensing cryptocurrency companies that are in compliance while retaining strict supervisory standards in the industry. For instance, earlier this year, the MAS suspended the Major Payment Institution license of Bsquared Technology due to governance, outsourcing, and risk management issues. In addition, regulators added Bybit Fintech Limited along with its trading platform to the Singaporean Investor Alert List in June. 

The MAS noted that such a list enables investors to distinguish licensed businesses from those without any local authorization. At the same time, Singapore continues licensing firms that comply with the regulatory requirements, such as BitGo, Coinbase, Anchorage, Gemini, and OKX. It emphasizes the importance of Singapore as a regulated jurisdiction for institutional cryptocurrency businesses. The newest license is another illustration of the approach that encourages innovation in compliance with high supervisory standards.

Highlighted Crypto News:
Upbit Expands DRV Market Access With New Listing Across KRW, BTC, and USDT Trading Pairs

share