Crypto exchange Binance has signed similar agreements with governments in Kazakhstan, Dubai and Bermuda.
Crypto exchange Binance has signed a memorandum of understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement.
Binance and SERC will work together to develop crypto regulations in the country. SERC is looking to leverage Binance’s technical expertise and experience in the field to develop its own legal framework for the digital asset market.
Cryptocurrencies are not regulated in Cambodia and any unlicensed activity involving these digital assets is highly prohibited. The partnership could prove pivotal for the South Asian nation where any crypto-linked activity is deemed illegal since 2018.
Gleb Kostarev, Binance regional head of Asia told Cointelegraph:
“Economically, Cambodia is in the top 10 fastest growing countries over the last 10 years and the annual economic growth has been consistent. Furthermore, the population of 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 has become a crypto hotspot over the years with several nations in the region adopting a pro-crypto approach. The likes of Thailand, Singapore, Malaysia, Philippines have come up with progressive regulations to promote the use of crypto assets in their respective countries.
Binance has paid special attention to good regulatory relations, especially after its 2021 debacle that saw nearly half a dozen countries issuing compliance warning against the crypto exchange. The leading crypto exchange has mended its relations since then and has forged critical partnerships in Asia over the past year in countries such as Thailand, Malaysia and Singapore.
The crypto exchange has also made a name for itself when it comes to offering technical expertise to governments about crypto and helping them with regulating the nascent sector, The exchange had signed a $15 million investment agreement in Bermuda to teach and educate the community about crypto.
Binance’s regulatory in-roads in the emerging markets have caught the attention of many including the likes of Alex Gladstein, chief strategy officer at Human Rights Foundation. Gladstein lauded Binance’s recent expansion in emerging markets such as Asia, Africa, and the Middle East and said:
“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.”
Earlier in May Binance signed a similar MoU with the government of Kazakhstan, to help them with crypto adoption and regulations. Similarly, it had signed an MoU with the Dubai World Trade Centre Authority (DWTCA) in December last year and later bagged a license to operate in the country as well.