Binance to assist Cambodia in developing digital asset regulations

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Crypto exchange Binance has signed a Memorandum of Understanding with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement.

Binance and SERC will work together to advance digital asset regulations in the country. SERC is looking to leverage Binance’s technical expertise and industry expertise to develop its legal framework for the digital asset market.

Cryptocurrencies are not regulated in Cambodia, and any unauthorized activity involving these digital assets is strictly prohibited. The partnership could be pivotal for the South Asian country, where any crypto-related activity has been illegal since 2018.

Gleb Kostarev, Binance’s regional head for Asia, told Cointelegraph:

“Economically, Cambodia has been among the 10 fastest growing countries for the past 10 years, and the annual economic growth has been consistent. Moreover, the population is young and technologically savvy is high. With all these advantages, we believe that Cambodia can be a leader in Web3 and the digital asset industry. It would be an honor to be a part of this process.”
Asia has become a cryptocurrency hotspot over the years, with many countries in the region adopting a pro-crypto approach. Thailand, Singapore, Malaysia and the Philippines have come up with progressive regulations to boost the use of crypto assets in their countries.

Binance has paid particular attention to having good regulatory relations, especially since the 2021 disaster that saw nearly six countries issue compliance warnings against them. The leading cryptocurrency exchange has since repaired its ties and established important partnerships in Asia over the past year in countries such as Thailand, Malaysia, and Singapore.

The cryptocurrency exchange has also made a name for itself in providing governments with technical expertise in the field of crypto and helping them regulate the emerging sector. The exchange has signed a $15 million investment agreement in Bermuda to educate and educate the community about cryptocurrency.

Related Topics: US-based Binance Makes Bitcoin Trading Fee-Free as Competitors Feel the Heat

Binance’s regulatory internal approaches to emerging markets have caught the attention of many, including Alex Gladstein, chief strategy officer at the Human Rights Foundation. Gladstein praised Binance’s recent expansion into emerging markets such as Asia, Africa and the Middle East, saying:

“While Western crypto companies are buying Superbowl ads and sports stadium rights, Binance’s platform is ruthlessly taking over and guardianship of emerging markets in Asia, Africa, the Middle East and Latin America. They are winning.”
In May, Binance signed a similar Memorandum of Understanding with the government of Kazakhstan to help it adopt and regulate cryptocurrencies. Similarly, it signed a Memorandum of Understanding with the Dubai World Trade Center Authority in December 2021 and later obtained a license to operate in the country as well.

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