Asia’s digital asset industry continues to evolve at a rapid pace, with regulators, governments, and major companies making significant moves across the region. Dubai has strengthened its position as Asia’s leading crypto hub by issuing its 50th virtual asset license, while Taiwan has introduced its first comprehensive legal framework for cryptocurrencies and stablecoins. Meanwhile, Russia is preparing to launch its central bank digital currency (CBDC), Japan’s Metaplanet has expanded its Bitcoin treasury, and Kazakhstan is advancing its blockchain ambitions.
India’s Central Bank Pushes for Tougher Crypto Restrictions
India’s central bank has reportedly urged lawmakers to maintain strict limits on cryptocurrency adoption while allowing regulated tokenization initiatives to continue. During a presentation to the Parliamentary Standing Committee on Finance, Reserve Bank of India (RBI) officials recommended preventing cryptocurrencies from being used for payments and settlements and limiting banks’ exposure to digital assets.
According to reports, the RBI warned that applying traditional financial regulations to cryptocurrencies could unintentionally legitimize speculative assets. However, the bank emphasized that tokenized government securities, corporate bonds, and other regulated financial products should remain separate from crypto restrictions to avoid slowing financial innovation.
Russia Confirms September Launch for Digital Ruble
Russia is moving ahead with the nationwide rollout of its digital ruble, with Central Bank Governor Elvira Nabiullina confirming that the CBDC remains on schedule for a Sept. 1 launch.
The digital currency will initially be supported by financial institutions and operate alongside the traditional ruble. The rollout comes despite sanctions imposed earlier this year by the European Union, which specifically targeted Russia’s CBDC as part of broader measures related to the conflict in Ukraine.
SBI Crypto Ends Bitcoin Mining Pool Operations
Japanese financial giant SBI Holdings will close its SBI Crypto Bitcoin mining pool on July 31 after operating the service for five years.
Currently ranked among the world’s largest mining pools with approximately 21.46 EH/s in computing power, the company has not disclosed a reason for ending operations. Miners have been instructed to continue contributing hashrate until the shutdown to ensure final reward distributions are processed accurately.
US Targets ISIS-K Crypto Network
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned 134 cryptocurrency wallet addresses linked to the terrorist organization ISIS-Khorasan (ISIS-K).
Blockchain analytics firm Chainalysis reported that stablecoin issuer Tether froze funds associated with 131 sanctioned Tron wallets, while the remaining addresses were on the Monero network. The sanctions follow another enforcement action in June targeting individuals and organizations accused of facilitating cryptocurrency transfers for ISIS affiliates across multiple regions.
Metaplanet Expands Bitcoin Treasury Beyond 43,000 BTC
Japanese investment firm Metaplanet has significantly expanded its Bitcoin holdings after purchasing an additional 2,823 BTC during the second quarter.
The latest acquisition brings the company’s total Bitcoin reserves to 43,000 BTC, purchased for approximately $4.1 billion. The company also reported nearly $11 million in quarterly revenue generated through Bitcoin-based yield strategies, including cash-secured options.
In contrast, South Korean media company K Wave Media has exited its Bitcoin treasury strategy after selling its remaining 88 BTC to repay outstanding debt.
Dubai Reaches 50 Licensed Crypto Firms
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued its 50th Virtual Asset Service Provider (VASP) license, marking another milestone in the emirate’s efforts to establish itself as a global crypto hub.
The latest license was awarded to tokenized assets platform Tribe Tokenisation FZE. With 50 licensed firms, Dubai now surpasses both Singapore and Hong Kong in the number of approved crypto businesses, reinforcing its reputation as one of the region’s most active digital asset jurisdictions.
South Korea Advances Tokenized Bond Strategy
Bank of Korea Governor Hyun Song Shin has outlined the country’s long-term vision for tokenizing government bonds through blockchain technology.
Speaking at the European Central Bank Forum in Portugal, Shin said tokenization could streamline bond issuance, collateral verification, settlement, and transaction management while reducing operational errors.
The initiative forms part of Project Hangang, South Korea’s wholesale CBDC pilot, which aims to integrate tokenized government bonds, commercial bank deposits, and central bank digital currencies into a unified digital ledger.
Taiwan Introduces First Comprehensive Crypto Law
Taiwan has officially approved its first legislation regulating cryptocurrencies and stablecoins, establishing a formal legal framework for the country’s digital asset industry.
Under the new law, all virtual asset service providers (VASPs) must obtain regulatory approval before operating. Stablecoin issuers will also require authorization from both Taiwan’s central bank and the Financial Supervisory Commission, maintain adequate reserve assets under trustee supervision, and undergo regular audits.
The legislation aligns Taiwan with regional markets including Japan, Singapore, and Hong Kong, which have already implemented comprehensive crypto regulations aimed at attracting digital asset businesses.
Solana Company Supports Kazakhstan’s Blockchain Megacity
Nasdaq-listed Solana Company has signed a memorandum of understanding to help develop blockchain infrastructure for Kazakhstan’s planned Alatau City, a digital-first smart city project expected to attract more than $6 billion in investment.
The partnership builds on Kazakhstan’s growing relationship with the Solana ecosystem. Last year, the country launched Central Asia’s first Solana Economic Zone in Astana, and more recently, the Kazakhstan Stock Exchange introduced the region’s first Solana exchange-traded fund (ETF), providing regulated exposure to the SOL cryptocurrency.
