B

inance has continued its global expansion by signing a Memorandum of Understanding (MOU) with the Securities and Exchange Regulator of Cambodia (SERC). The signing of the MOU marks the latest expansion into Southeast Asia and its continued commitment to serving the global crypto community.

The company will work with SERC to build and develop the securities sector within Cambodia, share technical capacity and knowledge with SERC on all digital asset operations, and support the development of the legal framework to help bolster the commercial side within the country.

The MOU with SERC is the exchange's first official partnership with a government regulator and paves the way for the exchange to obtain a formal license to operate in Cambodia. This is not the first time Binance has partnered with a regulator to further its reach into new markets. The exchange has also signed similar agreements with regulators in Malta and Uganda.

“We intend to introduce digital asset innovation in a proper manner through our partnership with Binance,” according to H.E. Mr. SOU Socheat, Delegate of the Royal Government in Charge as Director-General of SERC. “Although the SERC has not yet given any licenses for digital assets, we are working to create the necessary rules, and we anticipate that this MoU will serve as a foundation for our future regulatory work,” he added.

Cambodia is one of the fastest-growing economies in Southeast Asia, with a young and tech-savvy population. The MOU and SERC will help to spur innovation and economic growth in the country by providing access to new technologies and financial opportunities.

According to Gleb Kostarev, Regional Head of Asia for Binance, “Cambodia has the potential to be a leading market in Southeast Asia, where the adoption of blockchain technology and digital assets is high. Binance aspires to improve the Cambodian securities sector by contributing its in-depth expertise in the market for digital assets.” 

Changpeng Zhao said that the company was "delighted" to sign the MOU with SERC. He added that they are "committed to providing education and supporting the development of a healthy regulatory framework" for the cryptocurrency industry. “The signing of this MOU is an important step in our efforts to globalize the company’s ecosystem,” said Wei Zhou. “We are excited to work with SERC to build the digital asset industry in Cambodia. This will help to create new jobs and drive economic growth in the country,” he continued.

About Securities and Exchange Commission of Cambodia

The SECC is the regulator of Cambodia's securities and derivatives markets. The SECC’s mandate is to protect investors, ensure market integrity and promote market development. It is also responsible for overseeing participants' activities in the securities and derivatives markets, including exchanges, brokers, dealers, investment advisers, and other market intermediaries.

What we are expecting about this new alliance 

The alliance is non-binding at this stage. However, it is an important step forward for its efforts to obtain a formal license to operate in Cambodia. The MOU will see the two parties working together to provide education and advice on cryptocurrency regulation in the country. 

This shows that government regulators are open to developing clear and concise regulations with exchanges. This important development will help legitimize the cryptocurrency industry and pave the way for further growth. It shows that government regulators are open to developing clear and concise regulations with exchanges.

It’s not surprising that Binance is making a huge move again for its growth in this ever-changing market as many countries are adopting this emerging digital world. Are you excited to see more developments coming to other cryptocurrencies? Where do you think these continued partnerships will lead its users and investors to adapt to a more innovative lifestyle?  

Source:
https://www.bsc.news/post/binance-continues-global-expansion-signs-mou-with-cambodia

Posted 
Jul 8, 2022
 in 
Crypto News
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