PANews reported on March 18 that, according to Decrypt, the Asian subsidiary of the US cryptocurrency trading company Cumberland, Cumberland SG, said on Monday that it has received in-principle approval for a major payment institution license from the Monetary Authority of Singapore (MAS). Once the MPI license is fully granted, it will allow Cumberland to provide regulated digital payment token services in the region. Cumberland stated in the announcement that "the in-principle approval is a strong signal of confidence from the MAS, but does not constitute a license at this stage."

The MAS's in-principle approval indicates that a license can be issued as long as certain conditions are met and there are no adverse developments. If necessary, the MAS reserves the right to revoke the approval. Companies operating under the MPI framework must comply with strict requirements, including capital adequacy and anti-money laundering compliance.