cryptopolitan.com
According to a 30 June 2022 press release, Binance has signed a memorandum of understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC). The global behemoth is changing tactics as it looks to Southeast Asia’s underdeveloped market. It has successfully reversed the “enter first, comply later” technique that financial authorities in the U.K., Japan, and Singapore had warned about.
Binance to assist Cambodia in developing crypto regulation
Binance and SERC will collaborate to create crypto laws in the country. SERC plans to leverage Binance’s technical knowledge and experience in the sector to establish its legal framework for the digital assets market. In Southeast Asia, cryptocurrency regulations are still a work in progress.
The French government, in May, gave the go-ahead to Binance’s subsidiary, making it the first European country to do so. It may also help Binance resolve outstanding concerns with other European nations. The crypto exchange was banned from regulated financial activities in the United Kingdom and received a warning from Japan to cease operations without a license.
Cryptocurrencies aren’t controlled in Cambodia. Furthermore, any unlawful activity involving cryptocurrencies is highly discouraged. The collaboration could be significant for the South Asian nation, where any crypto-related behavior is currently prohibited due to strict legislation.
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.
Gleb Kostarev
Asia has become a crypto hotspot in recent years, with several countries adopting a pro-crypto stance. Thailand, Singapore, Malaysia, and the Philippines have all developed progressive legislation to encourage the use of cryptocurrency assets in their economies.
