Cumberland’s Singaporean arm, Cumberland SG, has announced receiving an in-principle approval (IPA) for the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).
“We look forward to expanding our presence in this important region, bringing our disciplined approach to compliance, proven market expertise and commitment to the digital asset ecosystem to counterparties in Singapore and beyond,” the company said in its 15 March post on X.
We are pleased to announce that Cumberland SG Pte. Ltd. has received in-principle approval for the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). We look forward to expanding our presence in this important region, bringing our disciplined… pic.twitter.com/G14XvB4VVg
— Cumberland (@CumberlandSays) March 18, 2025
EXPLORE: 10 Best AI Crypto Coins to Invest in 2025
Cumberland Strengthens Presence In Asia
However, an IPA does not constitute a license at this juncture.
Cumberland said that while an IPA is not a full license, the MAS may issue a full license upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the application.
But, right now the MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.
Cumberland’s recent move comes shortly after the US Securities and Exchange Commission (SEC) dropped its unregistered securities case against the company on 4 March 2025.
Today we signed a joint filing to be made with the Securities and Exchange Commission (SEC) dismissing its case against Cumberland DRW. The filing was agreed in principle between Cumberland DRW and SEC staff on February 20 and is currently pending Commission approval. As a firm…
— Cumberland (@CumberlandSays) March 4, 2025
Explore Best Crypto To Buy!
Best Wallet (BEST) is slowly but surely taking over the Web3 wallet space. Not only does the app boast over 500,000 downloads and 250,000 active users, its native token, BEST, has been a huge success. With over $11m raised and still going, investors are eyeing it as a blue-chip investment in a revolutionary crypto wallet.
Imagine if when MetaMask launched back in 2016 it came with a native token. One can only imagine that as MetaMask carved out its spot as the number one crypto wallet, its hypothetical token would have soared alongside it, offering gains of 100x and possibly much more.
This is a big reason why the BEST presale has seen such high levels of interest and investment. By securing the token in the early days of the wallet being live, holders are betting on Best Wallet becoming a leader in the self-custodial web3 wallet space.
The features offered to Best Wallet users leave the MetaMask above in the dust. Best Wallet allows you to store, trade, stake, game, wager, and soon even spend via a Google and Apple Pay-connected debit card.
However, my favorite feature is the Best Wallet ‘Upcoming Tokens’ platform. The team works closely with reputable teams to allow ‘phase 0’ investment into some of the hottest presales on the market. This means early access to some of the biggest gems at the lowest price points.
There are less than 12 hours remaining before the price per BEST increases from its current level of $0.024375. Once the timer hits 0, that price will be gone.
Check Out The Best Wallet Presale Here
DISCOVER: 20+ Next Crypto to Explode in 2025
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
Maximize Your Trading With Margex’s 20% Deposit Bonus
Hottest Meme Coins to Buy in April? Retail Target Latest Crypto For Mega Gains
AR.IO Brings The Permanent Cloud to AI Storage Crisis
10 Best Crypto Bonuses in 2025 – Top Exchange Offers & Promotions
4 Days Left For Early Investors in World’s First Meme Coin Index: Meme Coin Mcap Hits $56Bn
