Binance signs MoU with Cambodian regulator to develop cryptocurrency regulations

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Binance signs MoU with Cambodian regulator to develop cryptocurrency regulations

This week, the world's largest exchange by trading volume signed an agreement with the Securities and Exchange Regulator of Cambodia to draw up regulations for cryptocurrencies in the southeast Asian country.

Binance will provide technical assistance to the government of Cambodia to establish a regulatory framework for digital assets.

The Digital Asset Innovation will be implemented in Cambodia through the collaboration with Binance, said the Director-General of the Securities and Exchange Regulator of Cambodia Sou Socheat. SERC has not issued a 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. In Cambodia, the legal framework forbids activity with virtual currencies was put in place in 2018 by the government.

Over the last 10 years, Cambodia has been in the top 10 fastest growing countries and the annual economic growth has been consistent, according to Gleb Kostarev, Binance regional head of Asia, told Cointelegraph. The population of the young and tech-savvy is high. With all these advantages, we believe that Cambodia can be a leader in the Web 3 and digital asset industry. It would be an honor to be part of that process. In the Middle East, the approvals of Binance have accelerated in the past few months.

While Western criptocurrency companies are buying Super Bowl ads and sports stadium rights, Binance is ruthlessly and custodial taking over emerging markets in Asia, Africa, the Middle East, and Latin America. Alex Gladstein, chief strategy officer at the Human Rights Foundation, said they are winning.