Cryptocurrency

Binance Is Helping Cambodia Build Out Its Crypto Framework

The crypto exchange says that Cambodia has the potential to be a leading market in Southeast Asia.

Cryptocurrency

Binance Is Helping Cambodia Build Out Its Crypto Framework

The crypto exchange says that Cambodia has the potential to be a leading market in Southeast Asia.

Leading crypto exchange Binance signed a memorandum of understanding (MOU) with the Securities and Exchange Regulator of Cambodia (SERC) to help build the nation’s cryptocurrency framework, according to a June 30 announcement.

According to the announcement, both Binance and SERC will collaborate to further develop Cambodia’s securities sector with the exchange, sharing its technical knowledge with SERC on digital asset operations, supporting the development of a legal framework for bolstering digital asset businesses in the country, and conducting proper training on digital assets for the entire region.

Laws and regulations surrounding crypto have been mixed in Asia, and regulatory framework has needed a strong push from a major player to help legitimize its utilization and marketability. Between July 2020 and June 2021, Asia’s $573 billion USD crypto market has experienced significant growth, thanks to the DeFi boom, with a 706% increase, Chainalysis reports.

“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,” said H.E Mr. SOU Socheat, Delegate of Royal Government in Charge as Director-General of SERC.

Gleb Kostarev, Binance Regional Head of Asia, believes that Cambodia has the potential to be a “leading market” and hopes to add further value to its securities industry by providing “extensive and professional knowledge” of the current digital asset market.

Binance has spent time building relationships throughout Asia in countries like Thailand, Malaysia, and Singapore, making its recent commitment a natural next step.

In December, the exchange signed a similar MOU with Dubai World Trade Centre Authority, and in May, it signed an MOU with Kazakhstan’s Ministry of Digital Development to help develop stronger crypto regulation and adoption

In 2018, Binance also signed an MOU with Bermuda and its government to provide $15 million USD in educational programs related to fintech and blockchain startups.

In other news, Axie Infinity’s Ronin Bridge is back online after a $622 million USD hack.

You may also like

Binance US Delists AMP As SEC Labels It a "Security"
Cryptocurrency

Binance US Delists AMP As SEC Labels It a "Security"

But mentions that trading of AMP may resume at some point in the future.
Binance’s Blockchain Network BNB Chain Shares Its Year-Long Roadmap
Blockchain

Binance’s Blockchain Network BNB Chain Shares Its Year-Long Roadmap

Outlining plans for faster and lower-cost transactions as well as integration with non-DeFi applications.
Binance To Offer Zero-Fee Bitcoin Trading Globally
Cryptocurrency

Binance To Offer Zero-Fee Bitcoin Trading Globally

The program first went live last month in the US.
Binance CEO: 'Let Bad Companies Fail and Other Better Projects Take Their Place'
Cryptocurrency

Binance CEO: 'Let Bad Companies Fail and Other Better Projects Take Their Place'

Stating that it doesn’t make sense for poorly managed, operated, and designed platforms to be bailed out.
More ▾