The Securities & Exchange Regulator of Cambodia and Binance (known cryptocurrency exchange) came forward to collaborate and sign an MOU (Memorandum of Understanding) regarding the regulation of digital currencies.
Details about the collaboration
The Securities & Exchange Regulator of Cambodia and Binance will cooperate to foster the guidelines regarding digital currencies or assets in the country. SERC is looking forward to using Binance’s specialized ability and involvement in the blockchain network to form their customized legal guidelines for the network of digital currency.
Cryptographic forms of money are not the regulated form of money in Cambodia, and the unlicensed movement including these computerized resources is profoundly precluded. The collaboration can act to the benefit of South Asian countries where cryptocurrencies have not been legalized ever since 2018.
- South Asian countries are still reluctant to proceed with blockchain technology. It was a long time back that few countries showed interest and support for such technologies. For example, Thailand, Singapore, the Philippines, and Malaysia have started to issue moderate guidelines for the citizens who want to use cryptocurrency or similar resources.
- Binance, the cryptocurrency exchange, is looking forward to establishing successful relationships with those countries keeping in mind their reluctance to accept this new technology.
- The cryptocurrency exchange, Binance, has a history of helping the government authorities with the nascent sector and technical help in the regulation of cryptocurrency.
- This is not the end of the story. Binance is taking over many such opportunities to help the government of different countries establishes rules and regulations regarding cryptocurrency.