Binance Offers Expertise to Develop Crypto Regulations in Cambodia

Over the past week, prominent crypto exchange Binance signed a memorandum of agreement with the Securities and Exchange Regulator of Cambodia (SERC). Through this partnership, the SERC hopes to further digital assets regulations in the country. Binance will offer its extensive technical expertise and experience in the industry for the development of a legal framework.

Currently, Cambodia does not regulate cryptocurrencies. Hence, unlicensed activities associated with digital assets are still prohibited. The recent partnership proves to be a significant turning point for the country, depending on the outcome. “Economically, Cambodia has been in the top 10 fastest growing countries over the last 10 years, and the annual economic growth has been consistent. Furthermore, the population of the young and tech-savvy is high,” explained Binance regional head of Asia Gleb Kostarev.

“With all these advantages, we believe that Cambodia can be a forerunner in the Web3 and digital asset industry. It would be an honor to be part of that process,” added the Binance executive. Over the past couple of years, Asia has turned into a rising crypto hub. Several countries within the region have taken up an amicable stance toward crypto. These countries include Thailand, Singapore, Malaysia, and the Philippines, all of which have their respective progressive regulations to promote crypto assets.

On the other hand, Binance has formed crucial affiliations with Asian countries and other emerging markets after it received compliance warnings from several countries over the past year. The crypto firm offers its technical expertise to governments to aid the regulation of the budding sector. Human Rights Foundation chief strategy officer Alex Gladstein expressed his praise for Binance’s recent efforts.

“While Western cryptocurrency companies are buying Superbowl ads and sports stadium rights, Binance is ruthlessly and custodial taking over emerging markets in Asia, Africa, the Middle East, and Latin America. They are winning,” Gladstein elaborated. In December 2021, Binance also signed a memorandum of understanding (MoU) with the Dubai World Trade Centre Authority. In April, it inked a $15 million investment agreement in Bermuda aimed at funding educational programs surrounding crypto. Later in May, the crypto exchange signed another MoU with the government of Kazakhstan.

Source: CoinTelegraph