Crypto News: Binance To Assist Cambodia In Developing Crypto Regulations

Crypto News – Binance, a crypto exchange has signed a memorandum of understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC).

iexclusivenews reports that Binance and SERC will work together to develop crypto regulations in the country.

This online news outlet understands that SERC is looking to leverage Binance’s technical expertise and experience in the field to develop its legal framework for the digital asset market.

Cryptocurrencies are not regulated in Cambodia and any unlicensed activity involving these digital assets is highly prohibited.

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The partnership could prove pivotal for the South Asian nation where any crypto-linked activity is deemed illegal since 2018.

As more countries in the area have taken a pro-crypto stance over the years, Asia has emerged as a hotbed for the cryptocurrency industry.

Progressive rules have been developed by nations like Thailand, Singapore, Malaysia, and the Philippines to encourage the use of cryptocurrencies in their respective nations.

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What You Need To Know 

Binance has given solid regulatory relations considerable emphasis, especially in the wake of its 2021 fiasco.

Which resulted in almost half a dozen nations issuing compliance warnings against the cryptocurrency exchange.

The top cryptocurrency exchange has now patched up its relationships and, over the past year, established crucial alliances in Asia in nations like Thailand, Malaysia, and Singapore.

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The cryptocurrency exchange has also developed a reputation for offering governments technical support regarding cryptocurrencies and helping them to regulate the developing industry.

The exchange has agreed to invest $15 million in Bermuda to introduce and familiarize the residents with cryptocurrencies.

Many others have taken notice of Binance’s regulatory accomplishments in the emerging countries, including Alex Gladstein, chief strategy officer of the Human Rights Foundation.

Gladstein complimented the recent expansion of Binance in Asia, Africa, and the Middle East and said:

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“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 and the government of Kazakhstan inked a similar Memorandum of Understanding earlier in May to assist them with the acceptance and regulation of cryptocurrencies.

Similar to that, in December of last year, it inked an MoU with the Dubai World Trade Centre Authority (DWTCA), and subsequently obtained a license to do business there.