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Dubai hits 50 crypto licenses as Taiwan, India take different paths
Dubai hits 50 VASP licenses. Taiwan passes a crypto law. India warns banks off crypto. Russia readies the digital ruble. Asia's regulatory map splits.
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Asia's crypto regulatory map is splitting into two distinct camps. Dubai and Taiwan are building formal licensing systems. India and Russia are keeping state control at the center of digital asset policy.
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 the count does not show how many firms are active or how much business they handle.
Taiwan passed a new crypto and stablecoin law. Virtual asset service providers must get approval from the Financial Supervisory Commission before operating. Stablecoin issuers need approval from both the central bank and the FSC. They must keep enough reserves with a trustee and submit to regular audits. The law gives Taiwan a clearer framework as Japan, Singapore and Hong Kong compete for regulated digital asset firms.
India's central bank renewed its push to keep banks away from crypto and private stablecoins. The Reserve Bank of India told lawmakers that banks should avoid direct crypto exposure, while tokenized government securities and regulated financial products should be treated separately, according to a report. The RBI also warned that applying normal financial rules to speculative crypto assets could make users believe those assets carry official protection. India may support regulated tokenization while keeping crypto payments and settlements under pressure.
This follows wider regulatory pressure in India. The USDT premium doubled after enforcement action disrupted stablecoin supply, Crypto.news reported. India's Financial Intelligence Unit has also sought large OTC crypto trade records from major exchanges.