Binance Assists Cambodia In Developing Digital Asset Regulation

Binance assists Cambodia in developing a digital asset regulatory framework and the exchange signed similar agreements with other governments like Dubai, Bermuda, and Kazakhstan so let’s read more today in our latest Binance news.

Binance signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia as per the latest announcement and both Binance and SERC will work together to develop digital assets regulations in the country. Binance assists Cambodia while SERC is looking to leverage its technical expertise and experience in the field to develop a legal framework for the digital asset market.

Cryptocurrency is not regulated in Cambodia and any unlicensed activity is highly prohibited. The partnership can prove pivotal for the south Asian country where crypto-linked activity was deemed illegal since 2018. The regional head of Asia Gleb Kostarev added:

“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. 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.”

Asia became a crypto shortstop over the years with a few nations in the region adopting a pro-crypto approach. Singapore, Thailand, and Malaysia coming up with progressive regulations to promote the use of crypto in their respective countries. Binance paid attention to having good regulatory relations since its 2021 debacle which saw half a dozen countries issuing compliance warnings against it. The crypto exchange mended the relations since then and forged many partnerships in Aasia over the past year in countries like Singapore, Thailand, and Malaysia.

The exchange made a name for itself in offering governments technical expertise in crypto while trying to regulate the nascent sector. The exchange even signed a $15 million investment agreement in Bermuda to teach and to educate the community about crypto. The regulatory in-roads on the markets caught the attention of many like Alex Gladstein who lauded Binance’s recent expansion into the emerging markets like Asia, the Middle East, and Africa:

“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.”

Binance signed a similar memorandum of understanding with the Kazakhstan government to help it with crypto adoption while similarly it signed an MoU with Dubai and got a license later to operate in the country as well.