Binance will assist Cambodia in developing digital assets regulation
The world’s largest cryptocurrency exchange Binance has signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC) to develop the digital asset market in the region.
Binance and SERC will collaborate to develop digital assets regulations in the country. In order to do this, the crypto exchange will share its extensive technical knowledge and experience.
Since 2018, any crypto-linked activity in Cambodia has been deemed illegal. The partnership with Binance will help develop crypto regulation and introduce digital assets into the legal framework.
According to the head of Binance’s Asia-Pacific branch, the company will focus on the development of Cambodia’s crypto market. In addition, Binance will provide training courses for businessmen and users.
The government of the country commended the signing of the memorandum. The authorities hope that collaboration with Binance will also introduce the innovative digital assets technologies.
At the moment, Asian countries have become the centre for crypto development in the world. Regulators in Thailand, the Philippines and Malaysia have already developed rules for digital currencies in their countries.
Binance focuses on work with regulators. Last year, the company received several warnings about regulatory compliance from different countries. Now the exchange actively cooperates with regulators in order to get the virtual assets service provider licences.
Moreover, the company intends to expand its staff and strengthen its position in the crypto market.