Asia’s crypto market is moving in different directions. Dubai and Taiwan are building formal licensing systems, while India and Russia are keeping state control at the center of digital asset policy.
Summary
- Dubai’s 50th VASP license shows regulated crypto firms still favor clear licensing routes in Asia.
- Taiwan’s new law brings exchanges and stablecoins under approval rules as regional competition grows fast.
- Russia’s digital ruble rollout shows state-backed payment systems advancing despite sanctions and global CBDC debate.
Dubai’s Virtual Assets Regulatory Authority granted its 50th virtual asset service provider license to Tribe Tokenisation FZE. The milestone puts Dubai ahead of Hong Kong and Singapore by reported license totals, though license numbers do not show how many firms are active or how much business they handle.
Taiwan also moved ahead with its new crypto and stablecoin law. The law requires virtual asset service providers to get approval from the Financial Supervisory Commission before operating in the market.
Stablecoin issuers in Taiwan must also receive approval from the central bank and the FSC. They must keep enough reserves with a trustee and go through regular audits. The law gives Taiwan a clearer crypto framework as Japan, Singapore and Hong Kong compete for regulated digital asset firms.
India and Russia keep state control in focus
India’s central bank renewed its push to keep banks away from crypto and private stablecoins. The Reserve Bank of India reportedly told lawmakers that banks should avoid direct crypto exposure, while tokenized government securities and regulated financial products should be treated separately.
The RBI also reportedly warned that applying normal financial rules to speculative crypto assets could make users believe those assets carry official protection. Its position shows that India may support regulated tokenization while keeping crypto payments and settlements under pressure.
This follows wider regulatory pressure in India. Crypto.news recently reported that India’s USDT premium doubled after enforcement action disrupted stablecoin supply. India’s Financial Intelligence Unit has also sought large OTC crypto trade records from major exchanges.
Russia is taking another route through state-backed digital money. The country plans to launch the digital ruble on Sept. 1. Central bank governor Elvira Nabiullina reportedly said “everyone is ready” for the rollout.
Bitcoin firms make opposite treasury moves
Japan’s SBI Crypto will close its Bitcoin mining pool on July 31 after five years. SimpleMining data placed the pool as the 12th largest globally, with about 21.46 EH/s and 2.24% of the Bitcoin network share.
SBI Crypto asked miners to keep directing hashrate to the pool until the final day so final payouts can be calculated. The company said, “We would sincerely appreciate your continued support by mining with us until the final day of operation.”
Corporate Bitcoin activity also moved in opposite directions. Metaplanet bought 2,823 BTC in the second quarter, lifting its holdings to 43,000 BTC, according to a crypto.news report.
South Korea’s K Wave Media took the other side of the trade. The Nasdaq-listed company sold its remaining 88 BTC to repay $6 million in debt, ending its Bitcoin treasury strategy after earlier plans to build a larger position.
Tokenization and compliance shape Asia’s next stage
Tokenization also stayed in focus. Bank of Korea governor Hyun Song Shin said “The big prize is tokenizing government bonds” during a panel at the European Central Bank Forum on Central Banking in Sintra, Portugal.
Shin said tokenized bonds could make collateral checks and account crediting easier. He also described plans to connect tokenized government bonds, wholesale CBDCs and tokenized bank deposits through a unified ledger under Project Hangang.
Compliance pressure continued outside Asia as well. As crypto.news reported, Tether froze USDT in 131 ISIS-K-linked TRON wallets after OFAC added 134 crypto wallet identifiers tied to the group.
Kazakhstan also moved deeper into the regional crypto race. Solana Company signed an agreement to support Alatau City, a planned digital-first megacity. The project aims to build blockchain and crypto infrastructure as Kazakhstan works to expand its digital asset market.
