- Dubai’s VARA issued 50th VASP license, extending its lead over Hong Kong and Singapore.
- Taiwan introduced its first crypto law, requiring licensing for VASPs and strict approval.
- India backs regulated tokenization while urging banks to avoid direct exposure to crypto.
Dubai has widened its lead in Asia’s regulated crypto market after issuing its 50th Virtual Asset Service Provider (VASP) license, establishing its position as one of the most active jurisdictions for licensed digital asset businesses.
The latest approval went to Tribe Tokenisation FZE, a platform focused on tokenizing real-world assets such as real estate, bonds, commodities, and artwork. The milestone comes as several Asian economies move in different directions, with some expanding crypto regulation while others continue to tighten restrictions.
Dubai Extends Its Lead in Crypto Licensing
Dubai’s Virtual Assets Regulatory Authority (VARA) granted its 50th VASP license to Tribe Tokenisation FZE, marking another step in the emirate’s effort to build a regulated crypto ecosystem.
Although the number of licenses does not equal the number of active businesses, Dubai’s total is now higher than the reported figures in other major regional hubs. Meanwhile, Singapore has reported 37 licensed digital payment token providers.
VARA also noted that receiving a license does not automatically allow a company to begin commercial operations. Newly approved firms must first complete operational testing, compliance reviews, and regulatory requirements before serving customers. By the end of 2025, 39 licensed firms had reached full operational status, while the 2026 figure is still under review.
Taiwan Builds Rules While India Maintains Restrictions
Taiwan has taken a different approach by introducing its first dedicated crypto law. The new legislation requires all virtual asset service providers to obtain approval from the Financial Supervisory Commission before operating.
Stablecoin issuers must also secure approval from both the central bank and the FSC, maintain sufficient reserves through a trustee, and undergo regular audits. The framework brings Taiwan closer to jurisdictions such as Japan, Singapore, Hong Kong, and Dubai that have introduced dedicated rules to attract regulated crypto businesses.
India, however, continues to separate blockchain innovation from cryptocurrencies. The Reserve Bank of India has reportedly advised lawmakers to keep banks insulated from cryptocurrencies and private stablecoins while supporting regulated tokenization of government securities and other traditional financial assets.
The central bank also warned that applying standard financial regulations to speculative crypto assets could create the impression that they carry official backing.
The latest comments follow increased regulatory scrutiny in India’s crypto market, including tighter oversight of stablecoin activity and large over-the-counter crypto transactions.
Governments Focus on Digital Money and Tokenization
In other regions in Asia, Russia plans to launch the digital ruble on Sept. 1 after central bank governor Elvira Nabiullina said the country is ready for the rollout. The central bank digital currency will initially be introduced through financial institutions as a complement to the existing ruble.
South Korea is concentrating on tokenization rather than cryptocurrencies themselves. Bank of Korea Governor Hyun Song Shin said tokenizing government bonds could simplify collateral verification, settlement, and transaction management.
He also outlined plans to connect tokenized government bonds, wholesale central bank digital currencies, and tokenized commercial bank deposits through a unified ledger under Project Hangang.
Across the region, the direction is becoming clearer. Dubai continues to expand its regulated crypto market, Taiwan is building comprehensive licensing rules, South Korea is advancing tokenization, and Russia is moving ahead with a central bank digital currency.
India remains more cautious, encouraging regulated blockchain applications while maintaining a restrictive stance toward cryptocurrencies and private stablecoins.
Related: Abu Dhabi Airport Moves Toward Bitcoin Payments With New Crypto Wallet Pilot
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