Dubai grants 50th VASP license; RBI seeks bank firewall from crypto
Dubai issued its 50th VASP license, surpassing Hong Kong and Singapore; India’s central bank urged lawmakers to keep banks insulated from private crypto and stablecoins.
Dubai’s Virtual Assets Regulatory Authority approved Tribe Tokenisation FZE as the city’s 50th virtual asset service provider license, a total that exceeds the 13 licenses reported in Hong Kong and 37 in Singapore. VARA noted the figure as a measure of the expansion of Dubai’s licensing regime and observed that license counts do not indicate how many firms are operational or the volume of business they handle.
VARA’s approval adds to a licensing drive aimed at bringing tokenization and virtual asset platforms under formal oversight. Regulators and market participants have pointed to licensing as a way to place firms within a regulatory framework, while cautioning that holding a license does not guarantee immediate market activity or significant trading volumes.
In New Delhi, Reserve Bank of India Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s position to the Parliamentary Standing Committee on Finance. The RBI recommended that lawmakers prevent the use of cryptocurrencies in payments and settlements and restrict banks’ exposure to private crypto assets and private stablecoins.
The central bank warned that applying existing banking rules to private cryptocurrencies could create a false perception of safety for users by appearing to legitimize speculative assets. RBI officials also requested that lawmakers draw a clear distinction between private cryptocurrencies and tokenized forms of regulated financial instruments, such as government securities and corporate bonds, so that restrictions on private crypto do not impede regulated tokenization efforts.
The developments reflect differing regulatory approaches in the region: Dubai expanding the number of licensed virtual asset providers, and India’s central bank urging legal and regulatory limits on bank involvement with private crypto. The Parliamentary committee received the RBI submission for consideration, and VARA continues to process VASP license applications under its current framework.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
