Cumberland SG Pte. Ltd. secured a full Major Payment Institution licence from the Monetary Authority of Singapore, the company announced on X on July 13. The approval completed a process that began with in-principle approval in March 2025. The licence authorises Cumberland SG to provide digital payment token services and cross-border money transfers under Singapore's Payment Services Act. Cumberland, the crypto trading and liquidity arm of Chicago-based DRW, met MAS's capital adequacy thresholds and anti-money laundering compliance requirements to obtain the full licence. Singapore maintains a rigorous regulatory standard for digital asset firms, requiring all MPI licence applicants to satisfy conditions including a minimum base capital of S$250,000 according to MAS guidelines updated in October 2025.
Cumberland SG Met Capital and Compliance Requirements for Full Licence
MAS granted Cumberland SG in-principle approval for the MPI licence in March 2025, indicating the firm had met initial regulatory requirements but still needed to satisfy additional conditions. Those conditions included capital adequacy thresholds and anti-money laundering compliance under MAS's Payment Services Act framework. The minimum base capital requirement for an MPI licence in Singapore stands at S$250,000, according to MAS guidelines updated in October 2025.
Cumberland's regulatory position also improved in the United States. The SEC dismissed its enforcement case against the firm in March 2025, ending allegations that it had operated as an unregistered securities dealer. The dismissal formed part of a broader wave of dropped crypto-related cases under the agency's new leadership.
MAS Applies Rigorous Standards Across All Digital Asset Licences
Jason Tay, Head of Commercial at StraitsX, told Cryptonews in March 2025 that Singapore maintains a rigorous standard regardless of licence type. "Whether it's the MPI license or the forthcoming stablecoin license, all firms seeking to operate as legitimate and recognised entities must undergo the same rigorous licensing process," Tay stated.
MAS revoked the MPI licence of Bsquared Technology earlier in 2026 after finding false statements and risk management failures. In June, MAS added Bybit to its Investor Alert List, warning the public that the exchange is not licensed in the country.
Cumberland Joins Roster of MPI-Licensed Crypto Firms in Singapore
Cumberland now joins a growing roster of MPI-licensed crypto firms in Singapore that includes Coinbase, BitGo, Anchorage, Gemini, and OKX. The licence positions the firm to serve institutional clients seeking regulated digital asset trading across the Asia-Pacific region.
Cumberland SG must now meet MAS's ongoing supervisory expectations, including technology risk management guidelines and consumer protection rules. MAS has not announced a timeline for its next licensing review cycle.
FAQ
What did Cumberland SG receive from the Monetary Authority of Singapore on July 13?
Cumberland SG Pte. Ltd. received a full Major Payment Institution licence from the Monetary Authority of Singapore, announced on July 13. The licence authorises the firm to provide digital payment token services and cross-border money transfers under Singapore's Payment Services Act.
When did Cumberland SG receive in-principle approval for the MPI licence?
MAS granted Cumberland SG in-principle approval for the MPI licence in March 2025. The firm completed additional capital adequacy and anti-money laundering compliance requirements to obtain the full licence.
Which crypto firms hold MPI licences in Singapore alongside Cumberland?
Cumberland joins a roster of MPI-licensed crypto firms in Singapore that includes Coinbase, BitGo, Anchorage, Gemini, and OKX. The minimum base capital requirement for an MPI licence in Singapore stands at S$250,000 according to MAS guidelines updated in October 2025.
