Japan's SBI Crypto shuts down 12th largest Bitcoin mining pool in the world, Russia gears up to launch digital ruble despite EU sanctions, and more: Asia Express. The Indian central bank reportedly urged lawmakers to keep banks insulated from crypto and private stablecoins while preserving room for regulated tokenization. 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. In a background note submitted to the panel, the RBI reportedly said prohibition remained a recognized policy option and recommended preventing the use of crypto in payments and settlements while restricting banking-sector exposure. Read more
Dubai’s VARA has licensed its 50th crypto firm, though only 39 VASPs were fully operational at the end of 2025 as the emirate’s regulated market continues to expand. The Virtual Assets Regulatory Authority (VARA), Dubai's crypto regulator, has granted its 50th virtual asset service provider (VASP) license. On Thursday, VARA said its latest approval went to tokenized assets platform Tribe Tokenisation FZE. The milestone provides one measure of the growth of Dubai's crypto licensing regime, though license totals alone do not show how many firms are operational or the level of business they generate. Read more
Kraken’s parent company, Payward, received preliminary approval from Dubai's VARA, paving the way for UAE dirham funding, margin and OTC trading and institutional access via Kraken Prime. Cryptocurrency exchange Kraken moved closer to a launch in the United Arab Emirates after its operator, Payward, received preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA), according to the company. Payward on Thursday announced its UAE expansion alongside receiving preliminary approval for a broker-dealer, investment and management licence from VARA. A spokesperson for Kraken told Cointelegraph the preliminary approval was granted on Thursday, with a full launch date to be confirmed. Read more
Crypto.com says a new UAE Stored Value Facilities license will let residents pay Dubai government fees in crypto, as the company doubles down on regulated expansion in the Middle East and beyond. Update (May 11, 2026, at 13:17 UTC): This article has been updated to include responses from Mohammed Al Hakim, president and general manager for the UAE at Crypto.com. Crypto.com has received a Stored Value Facilities license from the Central Bank of the United Arab Emirates, allowing residents to pay Dubai government fees using cryptocurrencies via its platform, the company said Monday. The company says the license allows users to fund payments in digital assets while settlements are made in UAE dirhams or in dirham-backed stablecoins approved by the central bank under the SVF framework. Read more
Dubai’s regulator issued new guidance placing token launches into three buckets, tightening disclosure and governance standards for stablecoins, RWAs and other digital assets. Dubai’s Virtual Assets Regulatory Authority (VARA) published detailed guidance on Thursday that clarifies how token issuers should structure, disclose and distribute virtual assets in the emirate, sharpening rules for stablecoins and real-world asset (RWA) tokens. The document, which interprets VARA’s existing Virtual Asset Issuance Rulebook rather than creating new law, sets out three distinct issuance pathways and spells out who is responsible for what in each. Rather than treating all tokens as if they pose the same risks, the framework draws clear lines between Category 1 issuances (including fiat-referenced virtual assets and asset-referenced virtual assets), Category 2 issuances that must be distributed via a VARA-licensed intermediary, and exempt virtual assets with limited functionality. Read more