Binance is set to work with the Securities and Exchange Regulator of Cambodia (SERC) to develop crypto regulations in the country. The crypto exchange has signed an MoU with the SERC. The agency is looking to tap into Binance’s technical expertise and experience in the field to develop its own legal framework for Cambodia’s digital asset market.
Gleb Kostarev, Binance regional head of Asia, said that Cambodia is economically in the top 10 fastest growing countries over the last 10 years. He highlighted that the Southeast Asian nation’s annual economic growth has been consistent. Kostarev said Cambodia’s population of young and tech-savvy is high. As such, Binance believes that Cambodia can emerge as a forerunner in the Web3 and digital asset industry.
In regards to the crypto exchange’s expansion in Asia, Africa, and the Middle East, Kostarev pointed out that Western cryptocurrency companies have been busy buying Superbowl ads and sports stadium rights, but Binance is custodial taking over emerging markets. Binance signed a similar MoU with the government of Kazakhstan in May to help the country with crypto adoption and regulations. The platform has also partnered with the Dubai World Trade Centre Authority (DWTCA) in December 2021. Binance also has a license to operate in Dubai.
Now, Binance is keenly watching Asia with Thailand, Philippines, Malaysia, and Singapore emerging as the crypto hotspots. These countries are rising thanks to progressive regulations to promote the use of crypto assets. And Binance has been focusing on good regulatory relations.