Cambodia Gets Binance Assistance In Crypto Regulations
As the popularity of crypto assets increases, adoption is becoming wider. Several individuals and businesses are joining the moving train to keep up with current events. Different countries are gradually opening their doors to welcome digital assets within their vicinity.
More nations have paved their way into the digital space through regulatory operations. As a result, different watchdogs have started controlling and enforcing compliance laws on crypto-related activities.
Asia has proved to be a thriving hub for increased crypto indulgence for years. Most Asian countries have embraced the existence of cryptocurrency with heightened participation. They have also rolled out regulatory laws that could help them control crypto activities.
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Asian nations like Singapore, Thailand, the Philippines, and Malaysia have already engaged in the digital space. Also, their governments have gradually rolled out regulations supporting these digital coins’ use.
Finally, Cambodia is officially taking a step into the crypto space. According to an announcement on June 30, the Securities and Exchange Regulator of Cambodia (SERC) entered an agreement with Binance.
The report stated that SERC signed a memorandum of understanding with the exchange on crypto regulations. The South Asian country has employed Binance in developing formidable regulatory measures for the industry.
Cambodia plans to be fully equipped through Binance’s extended experience and expertise in the digital assets sector. In addition, the alliance would go a long way to technically reposition the country by building solid legal structures for its market.
Before now, Cambodia did not have digital regulations for interested participants in the industry. Instead, the country prohibits unlicensed operations and activities involving virtual assets.
Since 2018, Cambodia has illegalized all crypto-related activity. Nevertheless, its sudden tilt to the digital assets space is a welcomed idea that could favor enthusiasts. So, by collaborating with Binance, Cambodia is on its way to creating a foothold in the digital assets space.
Binance’s Route In Crypto Regulatory Assistance
Regarding regulatory indications, Binance is one of the firms that played its cards exceptionally well. However, its 2021 misfortune brought a tightening scheme for the exchange, having received several compliance warnings.
Today, Binance has collaborated with many countries to boost their digital assets regulations. Its expertise in regulatory techniques rings a bell in various dimensions and governments.
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The exchange has partnered with some countries like Singapore, Thailand, and Malaysia. In addition, it’s partnering with Bermuda to teach the locals about digital assets through a signed agreement of $15 million.
Also, Binance signed an MoU in May with the Kazakhstan government for assistance in crypto regulations and adoption. It had a similar agreement in December 2021 with the Dubai World Trade Centre Authority (DWTCA). Afterward, Binance got its operating license in the country.
Featured image from Pexels, chart from TradingView.com