Bitcoin layer-2 project Elastos sees ELA token surge

Lee Bok-hyun, the governor of South Korea’s Financial Supervisory Service (FSS), is set to have a meeting with Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), in May. The purpose of their meeting is to discuss whether to classify non-fungible tokens (NFTs) as virtual assets. Currently, NFTs are not seen as virtual assets in Korea, but there is a high likelihood of them being acknowledged as such following the meeting in May, local financial media outlet Edaily reported.Photo by Andrey Metelev on UnsplashLack of definition for NFTsAn NFT is a digital certificate of authenticity that is not fungible or replicable. NFTs tokenize content or assets of various types – from images, music, videos, games and artworks to real-estates – by assigning a unique token ID to them. Many see 2018 as the year NFT technology was first introduced.  Despite its wide range of applications, no legal definition has been made for NFTs. Some view NFTs as technology, and others as virtual assets or securities. The Korean government decided not to recognize NFTs as virtual assets under the Virtual Asset Protection Act (Virtual Asset Act), effective in July. Behind this decision is a perception that NFTs are less likely to pose significant risks to the market, as a large portion of NFTs are now traded by collectors seeking to expand their private collections.  However, NFTs are increasingly seen as speculative destinations by many investors over time, as prices of virtual assets including BTC surge. This shift backs the local movement to recognize NFTs as well as spot bitcoin ETFs as virtual assets. Opposition from NFT businessesBlockchain industry insiders say defining NFTs is of utmost importance, noting that classifying NFTs as virtual assets headfirst could deal a heavy blow to businesses in this sector. One finance insider mentioned that defining NFTs comes down to understanding their purposes and how they are utilized. If NFTs are primarily used for speculative purposes or as currency, they could be recognized as virtual assets, the person said.  The biggest resistance is coming from NFT-related businesses. That is because recognizing NFTs as virtual assets would require these businesses to obtain a virtual asset service provider (VASP) license from the financial authority, which takes significant costs and workforce in the process. A CEO of a blockchain startup, who preferred to remain anonymous, expressed concerns about the possibility of NFTs becoming virtual assets, saying that such recognition would enable NFT transaction tracing, potentially leading to severe violations of human rights. While many industry insiders expect that the financial authorities will bring NFTs under the forthcoming Virtual Asset Act, the FSS stated that no decisions have been made regarding details of the upcoming meeting with the U.S. SEC. 

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.

Wealthy investors in the United Arab Emirates (UAE) are warming to cryptocurrencies while largely bypassing traditional private banks, a new survey shows. The poll, conducted by Swiss wealth manager Avaloq and reported by CoinDesk, found that roughly four in 10 high-net-worth individuals in the country hold digital assets, though only about 20% used conventional wealth managers to make such allocations. The survey gathered responses from 3,851 investors and 456 wealth professionals.Photo by Atikah Akhtar on UnsplashA rising tide in crypto wealthThe findings land amid a broader run-up in crypto fortunes. Henley & Partners’ 2025 Crypto Wealth Report, published in September, estimates 241,700 crypto millionaires worldwide this year—about 40% more than in 2024. Even so, UAE respondents in Avaloq’s poll voiced caution, citing the market’s sharp swings as a primary deterrent. Operational hurdles compound that wariness. Managing wallets, safeguarding private keys, and arranging custody remain friction points for would-be buyers. Among those who remain on the sidelines, Avaloq found that volatility topped the list of deterrents (38%), followed by limited understanding (36%) and distrust of trading platforms (32%). Younger cohorts drive crypto uptake, advisor shiftsFamily dynamics are increasingly driving crypto adoption. Younger members of ultra-wealthy households are introducing parents and grandparents to digital assets, Avaloq’s UAE survey found. Meanwhile, 63% of investors have either changed wealth managers or are considering doing so, often because they feel their questions about crypto are not being adequately addressed. Akash Anand, head of Middle East and Africa at Avaloq, described the moment as one of growing client curiosity met by a slow institutional response, prompting private banks to accelerate work on digital asset services. Dubai’s growing role as a crypto hub will again be on display in December, when it hosts Binance Blockchain Week 2025. The two-day conference, slated for Dec. 3–4, features appearances by Binance co-founder Changpeng Zhao, Strategy Chairman Michael Saylor, Ripple CEO Brad Garlinghouse, and Solana Foundation President Lily Liu. A debate between Zhao and long-time crypto skeptic Peter Schiff on Bitcoin’s merits versus tokenized gold is also expected, after Zhao invited Schiff to participate via X. Combined, the survey data and recent developments depict a UAE wealth market in the early stages of engagement with digital assets. While enthusiasm is building among younger investors and high-profile initiatives continue to draw attention, concerns about volatility and management complexity remain barriers to entry. The extent to which established wealth firms and new entrants can address those concerns will shape the next phase of the market’s growth.