diff --git a/mlir/lib/Dialect/GPU/Transforms/AsyncRegionRewriter.cpp b/mlir/lib/Dialect/GPU/Transforms/AsyncRegionRewriter.cpp
--- a/mlir/lib/Dialect/GPU/Transforms/AsyncRegionRewriter.cpp
+++ b/mlir/lib/Dialect/GPU/Transforms/AsyncRegionRewriter.cpp
@@ -47,6 +47,15 @@
 struct GpuAsyncRegionPass::ThreadTokenCallback {
   ThreadTokenCallback(MLIRContext &context) : builder(&context) {}
 
+  WalkResult operator()(Block *block) {
+    for (Operation &op : make_early_inc_range(*block)) {
+      if (failed(visit(&op)))
+        return WalkResult::interrupt();
+    }
+    return WalkResult::advance();
+  }
+
+private:
   // If `op` implements the AsyncOpInterface, insert a `gpu.wait async` to
   // create a current token (unless it already exists), and 'thread' that token
   // through the `op` so that it executes asynchronously.
@@ -55,11 +64,15 @@
   // host-synchronize execution. A `!gpu.async.token` will therefore only be
   // used inside of its block and GPU execution will always synchronize with
   // the host at block boundaries.
-  WalkResult operator()(Operation *op) {
+  LogicalResult visit(Operation *op) {
     if (isa<gpu::LaunchOp>(op))
       return op->emitOpError("replace with gpu.launch_func first");
-    if (isa<gpu::WaitOp>(op))
-      return op->emitOpError("unexpected pre-existing gpu.wait");
+    if (auto waitOp = llvm::dyn_cast<gpu::WaitOp>(op)) {
+      if (currentToken)
+        waitOp.addAsyncDependency(currentToken);
+      currentToken = waitOp.asyncToken();
+      return success();
+    }
     builder.setInsertionPoint(op);
     if (auto asyncOp = dyn_cast<gpu::AsyncOpInterface>(op))
       return rewriteAsyncOp(asyncOp); // Replace GPU op with async version.
@@ -71,14 +84,9 @@
     return success();
   }
 
-private:
   // Replaces asyncOp with a clone that returns a token.
   LogicalResult rewriteAsyncOp(gpu::AsyncOpInterface asyncOp) {
     auto *op = asyncOp.getOperation();
-    if (asyncOp.getAsyncToken())
-      // TODO: Support ops that are already async.
-      return op->emitOpError("is already async");
-
     auto tokenType = builder.getType<gpu::AsyncTokenType>();
 
     // If there is no current token, insert a `gpu.wait async` without
@@ -87,6 +95,11 @@
       currentToken = createWaitOp(op->getLoc(), tokenType, {});
     asyncOp.addAsyncDependency(currentToken);
 
+    // Return early if op returns a token already.
+    currentToken = asyncOp.getAsyncToken();
+    if (currentToken)
+      return success();
+
     // Clone the op to return a token in addition to the other results.
     SmallVector<Type, 1> resultTypes;
     resultTypes.reserve(1 + op->getNumResults());
@@ -315,11 +328,10 @@
 // inserts the necessary synchronization (as gpu.wait ops). Assumes sequential
 // execution semantics and that no GPU ops are asynchronous yet.
 void GpuAsyncRegionPass::runOnFunction() {
-  if (getFunction()
-          .getRegion()
-          .walk(ThreadTokenCallback(getContext()))
-          .wasInterrupted())
+  getContext().disableMultithreading();
+  if (getFunction()->walk(ThreadTokenCallback(getContext())).wasInterrupted())
     return signalPassFailure();
+  getContext().enableMultithreading();
 
   // Collect gpu.wait ops that we can move out of async.execute regions.
   getFunction().getRegion().walk(DeferWaitCallback());
diff --git a/mlir/test/Dialect/GPU/async-region.mlir b/mlir/test/Dialect/GPU/async-region.mlir
--- a/mlir/test/Dialect/GPU/async-region.mlir
+++ b/mlir/test/Dialect/GPU/async-region.mlir
@@ -169,4 +169,24 @@
     }
     return
   }
+
+  // CHECK-LABEL:func @existing_tokens()
+  func @existing_tokens() {
+    // CHECK: %[[t0:.*]] = gpu.wait async
+    // CHECK-NOT: [{{.*}}]
+    %t0 = gpu.wait async
+    // CHECK: %[[t1:.*]] = gpu.wait async [%[[t0]], %[[t0]]]
+    %t1 = gpu.wait async [%t0]
+    // CHECK: %[[m:.*]], %[[t2:.*]] = gpu.alloc async [%[[t1]], %[[t0]]] ()
+    %0 = gpu.alloc [%t0] () : memref<7xf32>
+    // CHECK: %[[t3:.*]] = gpu.dealloc async [%[[t2]]] %[[m]]
+    %t2 = gpu.dealloc async %0 : memref<7xf32>
+    // CHECK: gpu.wait [%[[t3]]]
+    gpu.wait
+    // CHECK: gpu.wait
+    // CHECK-NOT: async
+    // CHECK-NOT: [{{.*}}]
+    gpu.wait
+    return
+  }
 }