Cambodia receives Binance assistance in crypto regulations
As the popularity of cryptocurrencies increases, adoption widens. Several individuals and companies are joining the moving train to follow current events. Different countries are gradually opening their doors to welcome digital assets in their vicinity.
Several nations have made their way into the digital space through regulatory operations. As a result, various watchdogs have begun to control and enforce compliance laws on crypto-related activities.
Asia has proven to be a thriving hub for increased crypto-tolerance for years. Most Asian countries have embraced the existence of cryptocurrency with increased participation. They have also rolled out regulatory laws that can help them control crypto activities.
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Asian nations such as Singapore, Thailand, the Philippines and Malaysia have already engaged in the digital space. Their governments have also gradually rolled out regulations supporting the use of these digital coins.
Finally, Cambodia is officially taking a step into the crypto space. According to an announcement on June 30, the Securities and Exchange Regulator of Cambodia (SERC) entered into an agreement with Binance.
The report stated that SERC signed a memorandum of understanding with Oslo Børs on crypto regulations. The South Asian country has hired Binance to develop formidable regulatory measures for the industry.
Cambodia plans to be fully equipped through Binance’s expanded experience and expertise in the digital assets sector. In addition, the alliance will go to great lengths to technically reposition the country by building solid legal structures for the market.
Until now, Cambodia did not have digital rules for interested participants in the industry. Instead, the country bans unlicensed operations and activities involving virtual assets.
Since 2018, Cambodia has outlawed all crypto-related activity. Nevertheless, the sudden tipping of the digital asset space is a welcome idea that can favor enthusiasts. So, by collaborating with Binance, Cambodia is on its way to gaining a foothold in the area of digital assets.
Binance’s route in crypto regulatory help
When it comes to regulatory indications, Binance is one of the companies that played its cards exceptionally well. However, the accident in 2021 led to a tightening plan for Oslo Børs, after receiving several warnings about compliance.
Today, Binance has partnered with many countries to increase the regulation of digital assets. Its expertise in regulatory techniques is ringing a bell in various dimensions and governments.
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The exchange has collaborated with some countries such as Singapore, Thailand and Malaysia. In addition, it is collaborating with Bermuda to educate local people about digital assets through a $ 15 million signed agreement.
Binance also signed an MoU in May with the Kazakh government for assistance with cryptocurrencies and adoption. It had a similar agreement in December 2021 with the Dubai World Trade Center Authority (DWTCA). Afterwards, Binance received its operating license in the country.
Featured image from Pexels, chart from TradingView.com
