As the popularity of crypto assets increases, its adoption becomes wider. Various private individuals and companies are getting on board the moving train to keep abreast of current events. Several countries are gradually opening their doors to welcome digital assets into their environment.
More countries have made their way into the digital space through regulatory operations. As a result, several watchdogs have begun monitoring and enforcing compliance laws on crypto-related activities.
Asia has been a thriving hub for more crypto indulgence 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 activity.
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Asian countries such as Singapore, Thailand, the Philippines and Malaysia have already engaged in the digital space. Also, their governments have gradually introduced regulations to support 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) has entered into an agreement with Binance.
The report stated that SERC has signed a memorandum of understanding with the exchange on crypto regulation. The South Asian country has leveraged Binance in developing formidable regulatory measures for the industry.
Cambodia plans to be fully equipped by Binance’s vast experience and expertise in the digital asset sector. In addition, the alliance would greatly contribute to the technical repositioning of the country by building solid legal structures for its market.
Previously, Cambodia had no digital regulations for interested participants in the industry. Instead, the country bans unlicensed operations and activities involving virtual assets.
Since 2018, Cambodia has made all crypto-related activities illegal. Nevertheless, the sudden tilt into the space for digital assets is a welcome idea that could benefit enthusiasts. So by partnering with Binance, Cambodia is on track to gain a foothold in the digital asset space.
Binance’s Pathway in Crypto Regulatory Assistance
As for legal indications, Binance is one of the companies that has played its cards exceptionally well. However, the 2021 accident brought with it a tightening plan for the exchange, after it received several compliance warnings.
Today, Binance has worked with many countries to improve their digital asset regulations. Her expertise in regulatory techniques rings a bell with different dimensions and authorities.
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The exchange cooperates with a number of countries such as Singapore, Thailand and Malaysia. In addition, it is partnering with Bermuda to educate locals about digital assets through a signed $15 million deal.
Also, in May, Binance signed an MoU with the government of Kazakhstan for help with crypto regulation and adoption. It had a similar agreement with the Dubai World Trade Center Authority (DWTCA) in December 2021. After that, Binance got its operating license in the country.
Featured image from Pexels, chart from TradingView.com