Binance will help Cambodia to develop crypto regulation framework

Crypto exchange Binance signed a memorandum with the Securities body of Cambodia to develop a digital assets regulatory framework.

Binance is a leading crypto exchange in the crypto Industry. Because of its high quality & secured crypto services, the exchange is standing at the top rank. This exchange is active in almost every category of the crypto industry and expanding its ecosystem rapidly to bring crypto & blockchain technology as a leading option for the world population to choose crypto in payment as well as an investment option. 

On 30 June, Binance announced that it signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC). The SERC and Binance exchange will work together to develop a perfect and precise regulatory framework to provide a better ecosystem for the crypto industry to evolve and also to prohibit the illegal activities of bad actors.

Binance exchange’s technical experience will be used by the SERC, to understand the technical ability & potential to prohibit bad actors. So overall it will provide a better approach for the Cambodian Securities body to bring the legal crypto regulation system. 

At present, cryptocurrencies are not regulated in Cambodia, and also crypto-related activities by crypto firms without a license are prohibited strictly. So overall here the regulatory framework is a big need for the crypto companies to evolve with this innovative industry.

Gleb Kostarev, Binance’s regional head of Asia, shared his thoughts regarding this step of Binance to help Cambodia. Glen said that Cambodia is in the top 10 ranked in the fast-growing countries and also the population of this country is young & tech adaptive. 

Further, he said that with all such situations, Cambodia may be a leading country to adopt the Web3 & digital asset industry. And it will be respectful for Binance to be a part of that revolution.

Read also: Three Arrows Capital is on the radar of Singapore’s MAS agency