Shanghai Embraces Blockchain, AI, and Digital Yuan with New Guidelines

Nuvei Teams Up with Mastercard on APAC Instant PayoutsNuvei, a crypto-friendly Canadian fintech firm, has partnered with global payments giant Mastercard, unveiling plans to bring nearly instantaneous payout capabilities to online trading platforms and investors, with a strong focus on the Asia Pacific region.Photo by Allison Saeng on UnsplashHarnessing Mastercard SendThis collaboration, announced by Mastercard on Monday, harnesses the power of Mastercard’s Send service. Mastercard Send is a payment solution that enables secure, real time fund transfers for organizations around the world, in over one hundred markets.The service has already been made available to Nuvei’s clientele in Singapore, with Nuvei claiming that it will speed up payments for the benefit of the merchants and consumers that make up its user base.An increase in the rate of digitalization, spurred by growth in online trading and remote working on an international basis is fueling a need for ever more seamless and rapid payment solutions. Through the use of Mastercard Send, traders are able to cash out of their investments immediately and efficiently.Commencing later this year, Nuvei will extend the service to customers in Australia and Hong Kong.“Trading platforms rely on fast, secure deposits and payouts to optimize user experience. Partnering with Mastercard Send enables us to offer our partners another trusted, instant payout method that will win new traders and generate revenue growth,” said Philip Fayer, the Chair and CEO of Nuvei.This sentiment was echoed by Sandeep Malhotra, Executive Vice President of Products & Innovation, Asia Pacific at Mastercard. “Given the boom in online trading in the Asia Pacific region, Mastercard Send presents Nuvei’s customers with the opportunity to improve the payments experience for their users while standing to grow their own revenues — a win-win,” he said.Crypto service offeringNuvei claims to have an active customer base spread across two hundred countries, offering more than six hundred alternative payment methods. As part of its array of services, the fintech firm has also been active relative to crypto.In a move that served to integrate crypto alongside its conventional payments products, Nuvei purchased crypto payments firm Simplex in 2021. Simplex was founded in 2014, offering fiat to crypto conversions involving over fifty cryptocurrencies, while integrating with global exchanges such as Binance and OKX.Later that year, the Canadian fintech company collaborated with Mastercard rival Visa, in offering crypto friendly debit cards. Late last year, it signed a deal with Danish blockchain-based payment platform e-Money. This arrangement saw Nuvei enable a fiat on-ramp for e-Money’s euro stablecoin (EEUR).Nuvei recently released its 2023 second quarter results, recording a 68% increase in total trade volume at $50 billion compared to $20 billion in the same period last year. Earlier this year, the firm announced that it was acquiring Atlanta-based integrated payments provider Paya as part of a deal believed to be worth some $1.3 billion.

In the first quarter of this year, South Korea witnessed a significant surge in cryptocurrency trading volume, with transactions worth $456 billion conducted in South Korean won on centralized crypto exchanges, according to data from Kaiko. This surge has propelled the South Korean won to the forefront as the most-used currency for crypto trading, surpassing the U.S. dollar during the same period. Photo by Sesinando on PexelsCrypto over stock marketThe country, amidst this soaring demand for cryptocurrencies, is preparing to implement regulations aimed at safeguarding investors. South Korea's cryptocurrency market, renowned for its activity, briefly outpaced the country's stock market during the recent crypto bull run in March.  The local market is predominantly dominated by five fully licensed exchanges, with Upbit leading the pack, accounting for over 80% of the market share on most days, as highlighted by Kaiko. Other major global exchanges like Crypto.com and Binance are also eyeing entry into the South Korean market, with Crypto.com launching its retail trading platform in the country on April 29 and Binance acquiring a significant stake in Gopax in 2023. Growing regulatory frameworkDespite regulatory efforts to fortify investor protection, including the enactment of the Virtual Asset User Protection Act in July 2023, South Korea continues to work on further regulatory frameworks. The legislation aims to curb illicit activities in the crypto market and mandates safeguards for user funds, including storing over 80% of deposits in cold storage and enrollment in insurance programs to mitigate potential security breaches. Additionally, efforts are underway to standardize crypto token issuance and enhance information disclosure for investors through the development of a second part of the User Protection Act.

Japanese Prime Minister Shigeru Ishiba announced his resignation on Sept. 7, citing completed trade talks with the United States and growing dissent within the ruling Liberal Democratic Party (LDP). While the political transition follows the party’s defeat in July’s upper house elections, Ishiba’s departure also creates uncertainty for Japan’s crypto and Web3 agenda, which he had championed. Just two weeks earlier, at the WebX2025 event, Ishiba pledged stronger state backing for Web3 initiatives, noting their potential for addressing Japan’s demographic challenges and driving long-term economic transformation. He highlighted token-based community governance pilots, integration of Web3 at the Osaka Expo, and a five-year startup growth plan centered on digital industries. His exit now raises questions about whether these priorities will carry the same weight under new leadership.Photo by taro ohtani on UnsplashLeadership contest brings policy uncertaintyPotential successors signal diverging approaches. As per a BeInCrypto report, former Economic Security Minister Sanae Takaichi, who topped an August Nikkei approval survey with 23% support, is regarded as favoring tighter oversight. Agriculture Minister Shinjiro Koizumi, in second place with 8%, has shown greater receptiveness toward digital assets. According to Bloomberg, Finance Minister Katsunobu Kato is also considered a contender. Earlier, he emphasized balancing investor protection with space for innovation, noting the rapid uptake of crypto among Japanese investors. The LDP is preparing for a leadership election on Oct. 4, with 295 lawmakers each casting one vote and an equal 295 votes allocated proportionally to the party’s 1.03 million members, for a total of 590 ballots. Until then, investors and industry players are watching for signals on whether Japan’s digital asset roadmap will remain a priority. Adoption advances beyond politicsBeyond politics, adoption is accelerating across Japan’s financial system. Japan Post Bank plans to tokenize deposits on a permissioned blockchain by 2026 using the DCJPY token developed by DeCurret DCP, a Mitsubishi UFJ–backed venture. With $1.29 trillion in deposits across 120 million accounts, the move could streamline settlement of tokenized securities. Corporate strategies are also shifting. Last month Tokyo-based game developer Gumi said it would acquire 2.5 billion yen ($17 million) worth of XRP between September 2025 and February 2026, following its earlier 1 billion yen ($6.8 million) Bitcoin purchase this year. The company described XRP as central to its expansion into international remittance and liquidity networks led by its largest shareholder, SBI Holdings. Japan’s crypto footprint abroad is growing as well. Coincheck, a leading exchange in Japan, is entering Europe through the acquisition of Aplo, a French-licensed digital asset brokerage. The deal follows Coincheck’s Nasdaq listing last year via its Netherlands-based holding company.