Binance Signs MoU with Cambodia’s SERC
- Regional Head of Binance in Asia, Gleb Kostarev hinted that Cambodia possesses the potential to lead the market among the regions in Southeast Asia where the adoption of blockchain technologies and virtual assets are high.
In a bid to foster the development of securities in Cambodia, crypto exchange Binance on Thursday announced a partnership with the securities and exchange regulator in Cambodia. The global blockchain infrastructure service provider revealed the development in a blog post conveyed via its official handle.
As revealed, Binance and the Cambodian regulator, otherwise referred to as SERC signed a memorandum of understanding to collaborate on the enhancement of the country’s security sector.
Binance and The Cambodia Crypto Market
In view of the collaboration, the crypto exchange will support the securities and exchange of Cambodia in the realization of its statutory functions. As announced, the partnership will see Binance relay technical expertise and experience on the rudiments and operations of virtual assets to the securities regulator.
In addition, the leading crypto exchange plans to aid the growth of the existing digital asset legal mechanism in Cambodia. According to Binance, such effort tends to transform the regulation and flourishment of the assets in the country.
More so, the exchange intends to consistently initiate varieties of digital asset training programs within the country. The blockchain infrastructure service provider believes the training will grossly help sensitize the citizens about the potential of digital assets.
The Director-General of SERC, Mr. SOU Socheat expressed the aspiration of the agency to harness and execute the innovations enveloped in digital assets. Socheat feels the partnership with the crypto exchange will help the country to go in the right direction with its quest to explore digital assets.
Socheat further details that the SERC is yet to issue any digital asset license at the moment. He, however, reiterates the commitment of the agency to initiating and implementing appropriate regulations for the operations of virtual assets within the country. According to Socheat, the signed MOU with Binance tends to be a stepping stone for the future regulation work of Cambodia.
Also, the Regional Head of Binance in Asia, Gleb Kostarev hinted that Cambodia possesses the potential to lead the market among the regions in Southeast Asia where the adoption of blockchain technologies and virtual assets are high. He conveyed the intention of Binance to add and sustain value to the securities industry in Cambodia.
Kostarev said the crypto exchange intends to achieve this by availing extensive, robust, and professional knowledge of the digital asset market to the country.
Key Notes
Binance to date remains a global leading crypto exchange with enormous trade assets. The exchange reportedly enjoys the patronage and loyalty of about 90 million users across the globe. Now, it currently possesses about 600 cryptocurrencies on its platform, with over $76 billion trading volume every 24 hours.
Despite the ravaging crypto winter, Binance has continued to indulge in a series of investment partnerships. Last Thursday, the crypto exchange announced the addition of leading Tiktok star, Kharby Lame to its latest league of ambassadors.
As revealed, Binance intends to leverage the popularity of the TikTok star to improve crypto popularity. The partnership with Lame is coming barely a week after it signed a spectacular multi-year partnership with football legend, Cristiano Ronaldo. According to findings, the exchange intends to harness the multi-year partnership in navigating a crucial entry point into the world of NFTs.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
