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. Crypto exchange Binance has signed similar agreements with governments in Kazakhstan, Dubai and Bermuda.
Binance and SERC will work together to develop crypto regulations in the country. SERC is looking for leverage Binance’s technical proficiency 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 forbidden. The partnership could prove critical for the South Asian nation where any crypto-linked activity is deemed illegal since 2018.
Asia has become a crypto hotspot over the years with several nations in the region accepting a pro-crypto style. The likes of Thailand, Singapore, Malaysia, Philippines have come up with advanced regulations to endorse the use of crypto assets in their respective countries.
Binance is giving special attention to good regulatory relations, especially after its 2021 disaster that saw nearly half a dozen countries issuing submission warning against the crypto exchange. The leading crypto exchange has fixed 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 promising sector. The exchange had signed a $15 million investment contract in Bermuda to teach and educate the community about crypto.
Binance’s regulatory in-roads in the developing 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 development 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.”
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