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 the SERC will work together to develop crypto regulations in the country. The SERC wants to take advantage of Binance’s technical knowledge and experience in this field to develop its own legal framework for the digital asset market.
Cryptocurrencies are not regulated in Cambodia, and any unauthorized activity related to these digital assets is highly prohibited. The partnership could prove pivotal for the South Asian country, where any activity linked to cryptocurrencies has been considered illegal since 2018..
Gleb Kostarev, regional head of Binance in Asia, told Cointelegraph:
“Economically, Cambodia has been among the top 10 fastest growing countries for the past 10 years, and annual economic growth has been consistent. In addition, the young and tech-savvy population is high. With all these advantages, we believe that Cambodia can be a forerunner in the industry of Web3 and digital assets. It would be an honor to be part of that process.”
Asia has become a crypto hotspot over the years, with several nations in the region taking a crypto-friendly approach.. Thailand, Singapore, Malaysia and the Philippines have developed progressive regulations to promote the use of crypto assets in their respective countries.
Binance has paid special attention to having good regulatory relations, especially since its 2021 debacle, in which nearly half a dozen countries issued compliance warnings against it.. The crypto exchange has since mended its relationships and has forged critical partnerships in Asia over the past year in countries including Thailand, Malaysia and Singapore.
The crypto exchange has also made a name for itself by providing governments with cryptocurrency know-how and helping them regulate the nascent sector.. The exchange signed a $15 million investment deal in Bermuda to teach and educate the community about cryptocurrencies.
Binance’s regulatory forays into emerging markets have drawn the attention of manyincluding Alex Gladstein, director of strategy for the Human Rights Foundation. gladstein praised Binance’s recent expansion in emerging markets such as Asia, Africa and the Middle East:
“While Western cryptocurrency companies are buying Superbowl ads and sports stadium rights, Binance is ruthlessly and custodially taking over 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 with cryptocurrency adoption and regulations. Similarly, he signed a memorandum of understanding with the Dubai World Trade Center Authority in December 2021. and subsequently obtained a license to operate in the country.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.