JAKARTA – The largest cryptocurrency exchange platform, Binance, is reportedly involved in developing regulations regarding digital assets in Cambodia. This news was confirmed by the signing of an agreement with the Securities and Exchange Regulator of Cambodia (SERC). The deal was announced on 30 June.
Binance and SERC will work together to develop regulations regarding digital assets in the country. SERC wants to use Binance's technical expertise and experience in the crypto world to develop a legal framework for the digital asset market.
Previously, cryptocurrencies were not regulated in Cambodia, and any unauthorized activity involving this digital asset was strictly prohibited there. This partnership is very important and influential for countries in South Asia, because since 2018 activities regarding crypto are prohibited.
Gleb Kostarev, regional head of Binance Asia said that, economically, Cambodia has been in the 10 fastest growing countries for the past 10 years, and its annual economic growth is fairly consistent. In addition, the number of young people who are interested in technology is also very high. With all these advantages, Cambodia can become a pioneer in the Web3 and digital asset industry in Asia.
Asia has been a crypto concern for years, as several countries in the region adopt a pro-crypto approach. Thailand, Singapore, Malaysia and the Philippines have made progressive regulations to promote the use of crypto assets in their respective countries.
Reporting from Cointelegraph, Binance pays special attention to this and has produced good regulation in the partnership. Binance has been mending its relationship since its fallout in 2021 and forged important partnerships in Asia over the past year in countries such as Thailand, Malaysia and Singapore.
Under this deal, Binance signed a deal with a $15 million investment in Bermuda to teach and educate the community about crypto. Binance's regulation of emerging markets has caught the attention of many, including Alex Gladstein, a chief strategy officer at the Human Rights Foundation. Gladstein lauds Binance's recent expansions to Asia, Africa and the Middle East.
He praised Binance saying “While Western cryptocurrency companies are buying Superbowl advertising and sports stadium rights, Binance is aggressively taking over emerging markets in Asia, Africa, Central. East, and Latin America. They won."
Apart from Cambodia, Binance also did the same with the governments of Kazakhstan and Dubai in May and December. Binance is moving aggressively and seeking to build relationships and expand its network to Asian countries.
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