Hong Kong Crypto Licensing Yet to Result in Job Surge

Blockchain-based digital payment network enterprise Ripple has announced that it has acquired in-principle approval of a financial services license from the Dubai Financial Services Authority (DFSA) in the United Arab Emirates (UAE). In a press release published on the firm’s website on Oct. 1, Ripple claimed that the approval “unlocks Ripple’s end-to-end payment services in the UAE, boosting Middle East operations.” The in-principle approval is a first step on the company’s path towards full approval. That eventuality will enable Ripple to offer cross-border payment services relative to fiat and digital assets, within the Dubai International Financial Center (DIFC) special economic zone.Photo by Moose Photos on PexelsExpanding Middle Eastern presenceThe company claims that pursuing the license is part of a broader strategy to expand its Middle Eastern presence. It follows on from the firm’s move in 2020 to establish its Middle Eastern headquarters in Dubai. Ripple claims that the licensing “significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).” In moving from in-principle approval to full approval, Ripple will have further obligations to accomplish, such as securing office space within the DIFC special economic zone. The company had previously indicated its intention of establishing an office within the DIFC. Back in August, it emerged that Ripple had partnered with the DIFC Innovation Hub with a view towards promoting blockchain and digital asset innovation within the UAE. Regulatory clarity in the UAERipple is striving to become the first blockchain-enabled payment services provider licensed by the DFSA. Once licensed, the company plans to roll out its enterprise-grade digital asset infrastructure. Ripple’s XRP has been one of five digital assets approved by the DFSA such that investment funds are allowed to invest in it, although the regulator did indicate in June that it is moving towards expanding the list of recognized tokens. Mired in legal difficulties with local regulator the Securities and Exchange Commission (SEC) in its home market of the United States in recent years, the company signaled a change of strategy in 2023, indicating its interest in focusing more on international expansion. While speaking at an event in Dubai at the time, Ripple CEO Brad Garlinghouse said that Ripple was expanding in Dubai. Taking to X in relation to this latest milestone, Garlinghouse wrote that “regulatory clarity is what businesses want, and what consumers need,” adding that “the UAE understands that.” In the company’s press release, Garlinghouse referred to the “forward-thinking regulatory approach” being pursued in the UAE, which he believes is positioning the country “as a global leader in this new era of financial technology.” The UAE isn’t the only focus for the company’s international expansion. Ripple has established an office in Singapore which handles over 50% of the firm’s payment flows. On Oct. 1, U.S. investment bank Houlihan Lokey published a report in which it highlighted Ripple as an emerging competitor to the SWIFT cross-border payments system.  Although the company has had some success in navigating its way through litigation with the SEC in the U.S., it’s thought that the dispute may be prolonged further as some commentators have suggested that the SEC plans to appeal a recent court decision. 

Gemini to Invest $24M as Part of India Expansion PlansUS-headquartered crypto exchange platform Gemini is exploring further operational expansion abroad, turning its attention specifically right now to India.The company first forayed into the world’s most populous country back in April with the announcement of the imminent launch of an engineering center.Having tested the waters in the South Asian country, the crypto exchange has decided to broaden its presence in the nation, according to a blog post published to the firm’s website on Tuesday. With a capital influx of Rs. 200 crore ($24 million), the exchange will be growing its development center in Gurgaon, a city that serves as an integral part of India’s National Capital Region (NCR).Photo by Naveed Ahmed on Unsplash70-member Gurgaon teamGemini has already onboarded over 70 staff members to its Gurgaon team. The company is actively hiring for more roles to fill its internal verticals, including tech development, finance, and compliance. In the next two years, the exchange plans to invest up to Rs. 200 crore ($24 million) in its Gurgaon facility, demonstrating a significant commitment where the Indian market is concerned.In an official statement, the company stated:“India has long been regarded as a hub for bar-raising talent by the world’s top technology companies, and we are thrilled to share that we are deepening our investment in the country. We are delighted to build on that announcement and reveal that we have opened our office within the Cyber Hub at Campus Cyber Greens.”The business is looking to tap into India’s rich pool of engineering talent to bolster its ecosystem with fresh Web3 solutions, inclusive of resource allocation towards optimized platform security.Singapore expansionPravjit Tiwana had previously been welcomed on board as the CEO of Gemini’s Asia-Pacific (APAC) operations earlier this year. He was previously the global chief technology officer (CTO) at the crypto exchange. Alongside this expansion, the company’s previous announcement in June to expand operations in Singapore is a task that also falls within Tiwana’s remit. At the time, the firm expressed the view that the APAC market will be crucial in securing the next phase of growth for the enterprise.Gemini signaled back in June that it intended to expand its reach in the Middle East also by pursuing a trading license in the United Arab Emirates.“India is undoubtedly a leading global hub for entrepreneurship and technological development. We are thrilled to build Gemini’s presence in India as we continue on our mission to unlock the next era of financial, creative, and personal freedom with crypto and Web3 innovation,” Gemini’s blog added, praising the ‘Startup India’ initiative.Growing interest in Indian marketPreviously, other crypto platforms like Coinbase and Algorand have also shown interest in onboarding software talent from India onto their teams. Amid the backdrop of India coming closer to possibly getting a concrete set of crypto rules around December this year, other crypto firms have also stepped into the market.In June, Gibraltar-based crypto-friendly bank Xapo announced its entrance into the Indian market. The OKX crypto exchange based in Seychelles is also scheduling a full-fledged expansion into the country.

Japan and China are moving in different directions on digital finance. In Japan, senior officials are signaling a push to bring cryptocurrencies further into the mainstream financial system. In China, regulators are doubling down on limits for private-sector tokenization even as the central bank expands a state-led digital currency model.Photo by Nat on UnsplashTraditional exchanges to anchor crypto pushSpeaking at the Tokyo Stock Exchange on Jan. 5, Japanese Finance Minister Satsuki Katayama framed 2026 as “the inaugural year of digital” in her New Year’s address, according to local outlet CoinPost. She said she expects cryptocurrency adoption to broaden as commodity and stock exchanges take on a larger role, arguing that established market infrastructure will be key to realizing the benefits of blockchain-based assets. Pointing to the U.S., she noted that exchange-traded funds are commonly used as an inflation hedge, and suggested Japan could move in a similar direction. Katayama also struck an upbeat tone on the wider economy, saying she expects Japanese stocks to hit new record highs this year. She cast 2026 as a potential turning point as Japan seeks to move beyond a long stretch of deflation, and called for responsible but proactive fiscal policy alongside targeted investment in growth sectors. Her comments come as Tokyo considers a major overhaul of how crypto gains are taxed. Under a government proposal, profits from cryptocurrencies would be taxed at a flat 20%, aligning them more closely with levies on stocks and foreign-exchange trading. The framework would also cover crypto-linked ETFs and derivatives. Currently, crypto gains are treated as miscellaneous income, leaving investors subject to progressive rates that can climb to roughly 55% once local taxes are included. The proposed reforms would bring crypto assets under the Financial Instruments and Exchange Act. While the package is slated for discussion during the upcoming ordinary Diet session, which is scheduled to begin on Jan. 23, officials do not expect it to take effect before 2028, given the scope of the required legal and regulatory changes. Industry groups flag RWA tokenization risksChina, by contrast, continues to take a restrictive stance toward private digital-asset activity. Seven major financial industry associations—including the National Internet Finance Association of China, the Banking Association, and the Securities Association—issued a joint statement warning that the tokenization of real-world assets (RWAs) is illegal and amounts to a “risky business model,” according to Wu Blockchain, citing a WeChat post published last month. The associations argued that RWA tokenization still functions as a form of unauthorized fundraising barred under existing securities laws. They also warned of risks tied to both the projects and their underlying assets, including fraud, operational failures, and speculative hype, adding that even when the assets themselves are legitimate, token structures remain unreliable and could pose spillover risks to other parts of the financial system. The statement added that such activities have not received regulatory approval. The warning fits with Beijing’s broader, state-led approach to digital finance. Last month, Lu Lei, a deputy governor of the People’s Bank of China (PBOC), warned that unchecked private-sector innovation could pose challenges for monetary policy, arguing that the rapid growth of digital assets and stablecoins risks weakening central banks’ control over money flows. Against that backdrop, Lu said the PBOC has rolled out a new operational framework for its central bank digital currency that took effect on Jan. 1. The move places the digital yuan in a deposit-like role within the commercial banking system under a two-tier structure, with the central bank overseeing rules and infrastructure and commercial banks handling wallets, payments, and compliance. By late November 2025, the digital yuan network had processed 3.48 billion transactions totaling 16.7 trillion yuan ($2.3 trillion), underscoring how China is channeling digital finance through a centrally controlled system. The system includes about 230 million personal wallets and 18.84 million corporate wallets.