The Asia-Pacific region continues to shape the global crypto space with a series of regulatory, corporate, and geopolitical developments this week. Dubai has reached a milestone of 50 licensed virtual asset service providers, India’s central bank is renewing its push to keep the banking sector insulated from crypto, and Russia is on track to launch its digital ruble in September. Here is a roundup of the key stories from across Asia.
Dubai surpasses Hong Kong and Singapore in licensed crypto firms
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted its 50th virtual asset service provider (VASP) license, marking a significant milestone for the emirate’s crypto licensing regime. The latest approval went to tokenized assets platform Tribe Tokenisation FZE, VARA announced on Thursday.
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Dubai’s total of 50 licensed firms exceeds the 13 reported in Hong Kong and 37 in Singapore, positioning the city as a leading hub for crypto businesses in the region. However, license totals alone do not indicate how many firms are fully operational or the volume of business they generate. The milestone reflects the emirate’s continued efforts to attract blockchain and digital asset companies through a clear regulatory framework.
India’s central bank revives push to isolate banks from crypto
The Reserve Bank of India (RBI) has renewed its call to keep the country’s banking system insulated from cryptocurrencies and private stablecoins, according to a report by The Economic Times. RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s position to the Parliamentary Standing Committee on Finance on Thursday.
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In a background note submitted to the panel, the RBI reportedly stated that prohibition remains a recognized policy option and recommended preventing the use of crypto in payments and settlements while restricting banking-sector exposure. The central bank warned that applying traditional regulation to crypto could legitimize speculative assets and create a false perception of safety among users.
However, the RBI urged policymakers to distinguish crypto from tokenized government securities, corporate bonds, and other regulated financial instruments so that restrictions would not hinder tokenization. This nuanced approach suggests the central bank is not opposed to blockchain-based financial innovation but remains deeply skeptical of unbacked crypto assets.
Russia gears up for digital ruble launch on September 1
Russia’s central bank governor, Elvira Nabiullina, confirmed that the country is prepared to roll out its central bank digital currency (CBDC) on September 1, following the timeline laid out last year. According to a report from Russian state media outlet RIA Novosti, Nabiullina said that “everyone is ready” for the launch.
The digital ruble will launch as a complement to Russia’s fiat currency and will initially be accepted by financial and credit institutions. The CBDC has already been targeted by preemptive sanctions from European Union authorities, which announced restrictions on the digital ruble in April in response to Russia’s ongoing war in Ukraine.
SBI Crypto shuts down Bitcoin mining pool after five years
SBI Crypto, a cryptocurrency-focused division of Japanese financial conglomerate SBI, is shutting down its Bitcoin mining pool after a five-year run. Data from SimpleMining shows SBI Crypto currently ranks as the 12th largest Bitcoin mining pool globally, with about 21.46 exahashes per second (EH/s) of hashrate and roughly 2.24% of total Bitcoin network share.
The company announced Wednesday that it will end mining pool operations on July 31 and will stop accepting mining shares at the same time. It did not provide its rationale for closing the pool. SBI Crypto said miners should keep directing hashrate to the pool until the cutoff so final payouts can be calculated correctly before operations end.
OFAC sanctions 134 ISIS-K crypto wallet addresses; Tether freezes funds
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 134 cryptocurrency wallet addresses identified as belonging to terrorist group ISIS-Khorasan (ISIS-K). The wallet addresses were added to the OFAC’s Specially Designated Nationals (SDN) list on Wednesday.
Stablecoin issuer Tether has frozen the balances associated with 131 Tron addresses, while the remaining three sanctioned addresses were on the Monero network, blockchain forensics company Chainalysis said in a Wednesday report. The development comes over a week after OFAC’s previous round of sanctions against ISIS-supporting financiers using cryptocurrency.
Metaplanet surpasses 43,000 Bitcoin holdings
Japanese investment company Metaplanet acquired 2,823 Bitcoin during the second quarter at a price below its average purchase price, as its holdings surpassed 43,000 BTC. The company acquired its latest trove at an average price of about 12.71 million yen ($78,850), reducing its average acquisition cost to about $95,117 per BTC from $96,258.
Metaplanet now holds 43,000 Bitcoin acquired for about $4.1 billion. It also reported about $10.95 million in revenue from its Bitcoin income generation strategy in the quarter, which earns premiums by selling cash-secured options and employing other Bitcoin-related yield strategies.
K Wave Media exits Bitcoin treasury strategy
In contrast, Nasdaq-listed South Korean company K Wave Media sold its remaining 88 BTC to repay $6 million in debt, exiting the Bitcoin treasury strategy entirely, according to a Tuesday filing with the US Securities and Exchange Commission.
Taiwan passes first crypto and stablecoin regulations
Taiwanese lawmakers have passed a law to establish a regulatory framework for crypto, which includes licensing requirements and rules for stablecoins. Taiwan’s Financial Supervisory Commission (FSC) said that the Legislative Yuan passed the law requiring all virtual asset service providers to get approval from the regulator to operate.
The law also says stablecoins issued in Taiwan must get approval from the central bank and the FSC, and issuers must maintain sufficient reserves with a trustee and undergo regular audits. The law is the first to regulate crypto and stablecoins in Taiwan, bringing it in line with other governments in the region such as Japan, Singapore, and Hong Kong.
Bank of Korea governor outlines tokenized bond vision
Hyun Song Shin, the governor of the Bank of Korea, praised tokenization for its ability to simplify the issuance and management of government bonds. Speaking during a panel discussion at the European Central Bank (ECB) Forum on Central Banking in Sintra, Portugal, Shin said that tokenized bonds would make it easier to verify collateral, credit the asset provider’s account, and reverse transactions at the appropriate time.
“The big prize is tokenizing government bonds,” Shin said. US Treasury debt is the largest tokenized real-world asset category, representing $14.6 billion, or about 46% of the $31.7 billion RWA market, according to data provider RWA.xyz. Shin also outlined plans to bring tokenized government bonds, wholesale central bank digital currencies, and tokenized commercial bank deposits on a unified ledger as part of an extension to “Project Hangang.”
Solana Company to back Kazakhstan’s $6B crypto megacity ambition
Nasdaq-listed crypto treasury firm Solana Company signed an agreement to support the development of Alatau City, Kazakhstan’s planned digital-first megacity. The company signed an MOU to help build Alatau City’s blockchain and crypto infrastructure during the Alatau City Roadshow in Shenzhen and Hong Kong in June, which reportedly secured 30 cooperation agreements with a combined investment potential of over $6 billion.
The deal further pushes Kazakhstan into Solana’s corner. Last year, Kazakhstan launched Central Asia’s first Solana Economic Zone in the country’s capital of Astana with the Solana Foundation. The Kazakhstan Stock Exchange (KASE) launched its first Solana ETF last week, giving investors regulated exposure to Solana (SOL) through one of the biggest stock exchanges in Central Asia.
Conclusion
This week’s developments across Asia underscore a region in transition. While Dubai, Taiwan, and Kazakhstan are actively building regulatory and infrastructure frameworks to attract crypto and blockchain businesses, India and Russia are taking more cautious or geopolitically motivated approaches. The divergence in regulatory strategies highlights the ongoing global debate over how to balance innovation, consumer protection, and financial stability in the digital asset space.
FAQs
Q1: How many licensed crypto firms does Dubai have?
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted 50 virtual asset service provider (VASP) licenses, exceeding the totals in Hong Kong (13) and Singapore (37).
Q2: What is India’s central bank position on crypto?
The Reserve Bank of India has renewed its push to keep banks insulated from crypto and private stablecoins, recommending prohibition on crypto use in payments and settlements while preserving room for regulated tokenization of securities and bonds.
Q3: When is Russia launching the digital ruble?
Russia’s central bank governor confirmed the digital ruble is on track for a September 1, 2026 launch, with financial and credit institutions expected to accept it initially.
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