Binance and The Securities and Exchange Regulator of Cambodia signed a Memorandum of Understanding
The Binance platform has announced the signing of an agreement with Cambodia’s Securities and Exchange Regulatory Commission (SERC). Together, Binance and SERC will work towards building a successful securities industry in Cambodia by supporting the following initiatives. As a result of their technical expertise and experience, Binance will be able to provide SERC with valuable support and guidance.
In order to facilitate the management and promotion of the nation’s digital asset firms, BINANCE will assist in establishing the legislative framework. The organization will also provide appropriate digital asset training to the region.
Partnership in Regulations
In Cambodia, cryptocurrency is unregulated, and therefore it is strictly forbidden to engage in any type of unlicensed activity with cryptocurrencies. Asia has risen to become one of the most important hubs for cryptocurrency over the years, as more countries have taken a pro-crypto stance over time. In countries like Thailand, Singapore, Malaysia, and the Philippines, progressive rules have been developed in order to encourage the adoption of cryptocurrencies in their respective countries.
H.E Mr. SOU Socheat, Delegate of Royal Government in Charge as Director-General of SERC, said:
“We hope to implement the digital asset innovation in the right way to Cambodia through the collaboration with Binance. SERC has not issued any digital asset license currently, but we are working to develop proper regulations and expect this MoU to be a stepping stone for our future regulatory work.”
Since Binance’s 2021 fiasco, in which almost half a dozen nations issued compliance warnings against the cryptocurrency exchange as a result of the exchange not being compliant, the company has significantly emphasized good regulatory relations.
Gleb Kostarev, Binance Regional Head of Asia, said:
“Within the Southeast Asia region where the blockchain and digital asset adoption rate is high, Cambodia has the potential to be a leading market. Binance hopes to add value to the Cambodian securities industry by providing extensive and professional knowledge of the digital asset market.”
It has committed to invest $15 million in community education and outreach in Bermuda as part of its exchange commitment. As part of the Memorandum of Understanding, Binance and the government of Kazakhstan have agreed to work together on regulating cryptocurrencies and assisting them with accepting them.
A similar agreement was signed with Dubai World Trade Centre Authority (DWTCA) in December of last year as well, and the company received approval for business in Dubai. The recent partnership with Cambodia surely helps the company expand services and even find access to more customers.