Dubai tops Asian crypto hubs as India isolates banks
Dubai tops Asian crypto hubs after VARA issued its 50th virtual asset service provider license, outpacing Hong Kong (13) and Singapore (37). India's RBI, meanwhile, urged lawmakers to isolate banks from crypto and private stablecoins while preserving room for regulated tokenization—a split reshaping how Asia handles digital assets. The divergence matters for founders, traders, and policymakers weighing where to build and how to comply.
Key Takeaways
- Dubai's VARA hit 50 licensed VASPs, with Tribe Tokenisation FZE receiving the latest approval.
- India's RBI told a parliamentary panel that bank isolation from crypto remains policy, though tokenized bonds may proceed.
- Japan's SBI Crypto is shutting its 12th-ranked Bitcoin mining pool on July 31; Russia targets a Sept. 1 digital ruble launch.
- Taiwan passed its first crypto and stablecoin law; South Korea and Kazakhstan advanced tokenization initiatives.
- Bitcoin neared $63,450 over the weekend, but traders flagged a weak Monday track record.
Why does Dubai lead Asian crypto regulation?
The Virtual Assets Regulatory Authority (VARA), Dubai's dedicated crypto regulator established in March 2022, granted its 50th virtual asset service provider (VASP) license on Thursday. The latest approval went to tokenized assets platform Tribe Tokenisation FZE.
License totals alone do not show how many firms are fully operational or the business they generate—VARA classified 39 licensed VASPs as fully operational at the end of 2025. Still, Dubai's 50 licensed VASPs exceed Hong Kong's 13 formally licensed virtual asset trading platforms and Singapore's 37 major payment institutions authorized for digital payment token services.
Each jurisdiction licenses different categories of crypto businesses, so headline totals are not directly comparable. Even so, the milestone reinforces Dubai's push to become a regulated hub for digital asset firms. For ongoing coverage, see our Fintech & Crypto Alerts section.
What is India doing about crypto and banks?
The Reserve Bank of India (RBI) reportedly urged lawmakers to keep banks insulated from crypto and private stablecoins while preserving room for regulated tokenization, according to reporting by Cointelegraph citing 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. In a background note, the RBI said prohibition remained a recognized policy option and recommended preventing crypto use in payments and settlements while restricting banking-sector exposure.
The RBI warned that applying traditional regulation to crypto could legitimize speculative assets and create a false perception of safety. It urged policymakers to distinguish crypto from tokenized government securities, corporate bonds, and other regulated instruments so restrictions would not hinder tokenization.
What else moved crypto markets across Asia this week?
Japan's SBI Crypto, a division of financial conglomerate SBI, is shutting down its Bitcoin mining pool after a five-year run. Data from SimpleMining ranks it as the 12th largest pool globally, with about 21.46 exahashes per second and roughly 2.24% of network share. Operations end July 31.
Russia's central bank governor Elvira Nabiullina confirmed readiness for a Sept. 1 digital ruble launch, per RIA Novosti. The CBDC will complement the ruble and initially be accepted by financial institutions, despite EU sanctions announced in April restricting the digital ruble.
Taiwan's Legislative Yuan passed its first crypto and stablecoin law, requiring VASPs to obtain Financial Supervisory Commission approval. Stablecoin issuers must maintain reserves with a trustee and undergo audits. South Korea's Bank of Korea governor Hyun Song Shin praised tokenized government bonds at an ECB forum, while Kazakhstan advanced Solana-linked infrastructure through a Solana Company agreement for Alatau City.
How are Bitcoin prices heading into the new week?
Bitcoin consolidated near two-week highs into Sunday's weekly close, reaching $63,450 on Saturday amid thinner holiday order books. TradingView data showed BTC/USD focusing on $62,700 near the 200-week simple moving average.
Trader Killa noted that the past seven Mondays had seen major BTC weakness. CoinGlass data put 24-hour crypto liquidations at $167 million as short positions were squeezed. QCP Capital flagged renewed inflows to US spot Bitcoin ETFs and a near-80% chance the Fed holds rates at its July 29 meeting, per CME Group's FedWatch Tool.