Binance and the Securities and Exchange Regulator of Cambodia (SERC) have signed a memorandum of agreement to develop crypto regulations.
SERC and Binance will collaborate to create national crypto rules. By utilizing Binance’s technical know-how and practical experience, SERC hopes to create its own legal framework for the market for digital assets.
Since cryptocurrencies are unregulated in Cambodia, it is strictly forbidden to engage in any unlicensed activity involving them. The alliance could be crucial for the South Asian country since 2018 any cryptocurrency-related activity has been outlawed.
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.
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.
The cryptocurrency exchange has also established a reputation for providing governments with technical assistance regarding cryptocurrency and assisting them in regulating the budding industry. The exchange had signed a $15 million investment agreement in Bermuda to teach and educate the locals about cryptocurrency.
Many people, like Alex Gladstein, chief strategy officer at the Human Rights Foundation, have taken notice of Binance’s regulatory advancements in the emerging markets. Gladstein praised Binance’s most recent growth in developing nations like Asia, Africa, and the Middle East and stated:
“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.
