GDAC joins hands with Zodia Markets to cultivate global digital asset network

During a National Policy Committee audit, South Korean lawmakers pressed financial regulators on their oversight of the domestic crypto market, focusing on Binance’s acquisition of local exchange Gopax, risks from order-book sharing with foreign platforms, and weaknesses in anti–money laundering (AML) controls.Photo by Kanchanara on UnsplashQuestions over Gopax compensationAccording to Kuki News, Democratic Party lawmaker Min Byeong-dug has urged regulators to reach out to Binance for details on its plan to compensate Gopax creditors following its acquisition of the local exchange. One of the nation’s five fiat-to-crypto exchanges, Gopax suspended withdrawals from its GoFi service, a yield-bearing product, in November 2022 after the collapse of the Bahamas-based FTX crypto exchange and the bankruptcy of Genesis, a U.S.-based crypto financial services firm. Citing investor losses estimated at 10 billion to 50 billion won (about $7 million–$35 million), Min said Binance had agreed to cover the shortfall as part of its cashless acquisition of Gopax, but full repayment to Korean users remains unresolved. He noted that the deal had faced delays due to concerns raised by the Financial Services Commission’s (FSC) Financial Intelligence Unit (FIU) over Binance’s eligibility as a major shareholder, and urged the FSC and FIU to ensure a clear and timely resolution for affected investors. Concerns over order-book sharingPeople Power Party (PPP) lawmaker Lee Heon-seung raised additional concerns about order-book sharing tied to the Binance–Gopax deal, warning it could create regulatory blind spots. According to Dailian, he asked the FIU about risks such as possible gaps in AML oversight at foreign exchanges and the potential exposure of Korean user data. FIU head Park Gwang said inadequate AML systems at overseas platforms can hinder fund tracing. He noted that separate approval is required before a domestic exchange can share its order book with a foreign platform, adding that no such request was under discussion. Park said the FIU would closely examine the matter and ensure protection of personal data. Lee also questioned how effectively regulators can supervise the crypto market given its scale, pointing to the Bithumb exchange as an example, where he had raised similar concerns about order-book sharing. Bithumb serves about 3.8 million users and records roughly 605 trillion won (approximately $426 billion) in annual trading volume. He said order-book sharing with major global exchanges such as Binance could complicate AML compliance, data protection, and regulatory oversight, and called for stronger enforcement. In response, Park said that the agency would ensure proper supervision to address these risks. Allegations of AML loopholes and illicit useAnother PPP lawmaker, Kim Jae-sub, flagged a potential AML loophole involving Binance, saying the exchange had allegedly been used by Cambodia’s Prince Group, which is linked to fraudulent schemes to conceal illicit funds. Last week, the U.S. Department of Justice filed a civil forfeiture complaint to seize roughly 127,271 Bitcoin linked to Prince Group’s operations, marking the largest seizure in its history. Kim also cited past allegations connecting Binance to illicit transactions involving Hamas and North Korea, and said the exchange’s founder faces related charges. He urged the FSC to conduct a thorough examination to determine the extent of any involvement if the claims prove accurate. As the parliamentary audit continues, lawmakers from both parties are pressing regulators to clarify standards, tighten oversight, and prioritize investor protection while maintaining fair and predictable rules for market participants. 

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.

MANTRA, a real-world asset (RWA) layer one blockchain built on Cosmos, recently outlined its vision for the on-chain financial ecosystem, outlining that it plans to acquire licensing in the Middle East and Asia as part of its efforts to expand. In a press release published on Chainwire on March 14, the company outlined that it has applied for licensing in the United Arab Emirates (UAE) in an effort to pave the way for MANTRA to target a global clientele who want to harness the potential of RWA asset tokenization. Issuing and trading tokenized RWAsAt the core of the Hong Kong-headquartered project’s offering lies its layer one blockchain, aptly named MANTRA Chain. The network is designed to streamline the issuance and trading of tokenized RWAs. Having established this technological product base, the company is now on a mission to onboard financial institutions and commercial entities with an interest in asset tokenization. With teams stationed in Hong Kong and the UAE, MANTRA has honed a full understanding of the shifting regulatory landscapes in pivotal regions. By securing its inaugural financial licenses in the UAE, MANTRA is aiming to take a slice of market share in the swiftly evolving RWA sector across the Middle East and Asia. The overarching goal for 2024 is to tokenize a diverse spectrum of assets, spanning real estate, private market funds, equity, art and treasuries.Photo by Sigmund on UnsplashIn an X social media post, MANTRA Founder and CEO John Patrick Mullin outlined that the company is already engaging with institutions and partners in the private sector. Mullin stated: “MANTRA is actively collaborating with real-world institutions and partners, including real estate, private market funds, private equity, the art sector, and treasuries, among others, to help bring these traditional asset classes onchain.” Mullin claims that the current crypto market capitalization of around $2 trillion is just a drop in the ocean by comparison with the potential that exists in the tokenization of RWAs and in unlocking the RWA economy. Hong Kong licensingAlongside the Middle East, Asia is the other target market for the company. Mullin suggested that Asian countries are already preparing for this fundamental shift, having developed RWA regulations. Last November, it emerged that Hong Kong was setting out a regulatory roadmap in respect of RWA tokenization. In February 2023 the Chinese autonomous territory achieved a first-of-its-kind tokenized green bond issuance.With that, the company’s home base of Hong Kong will also be central to its efforts to acquire relevant licensing. In recent weeks, MANTRA claims to have made significant progress in decentralizing its network, garnering validator support on a more broadly distributed basis. The project is expected to launch its final testnet, dubbed “Hongbai,” shortly. MANTRA is aiming to emerge as the pioneer RWA layer one blockchain with the capability to ensure real-world regulatory compliance. By expediting the adoption of tokenized RWAs, the project suggests that there’s an RWA economy value unlock potential of $16 trillion with its regulatory-ready blockchain being positioned to benefit from that. The network is gearing to offer a compliant framework, so that traditional finance (TradFi) companies can seamlessly transition to and harness asset tokenization and blockchain solutions, propelling global RWA expansion.