Leading cryptocurrency exchange Binance has signed a Memorandum of Understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC) to work with the regulator to strengthen digital asset innovation in the country.
Binance to Collaborate with SERC
As per the official announcement, the top-tier trading platform will collaborate with the financial watchdogs to improve Cambodia’s securities market by sharing technical knowledge and experience with SERC on digital asset operations.
Speaking on the partnership, H.E. Mr. SOU Socheat, the delegate of the Royal Government who also serves as the Director-General of SERC, stated that the agency hopes to implement the knowledge acquired from Binance correctly.
“We hope to implement digital asset innovation in the right way in Cambodia through the collaboration with Binance. SERC has not issued any digital asset licenses currently, but we are working to develop proper regulations and expect this MoU to be a stepping stone for our future regulatory work,” said Socheat.
Binance to Organize Crypto Training
The agreement with the regulator also allows Binance to support the country by organizing proper training on cryptocurrencies for Cambodian citizens. The initiative will allow interested individuals to fully explore the blockchain to understand its use cases and applications.
Additionally, the crypto exchange will contribute to developing a comprehensive framework to properly regulate the use of cryptocurrencies to accelerate the adoption of the asset class in Cambodia.
Gleb Kostarev, the Binance Regional Head of Asia, said: “Binance hopes to add value to the Cambodian securities industry by providing extensive and professional knowledge of the digital asset market.”
Perhaps the regulatory framework, if approved, could authorize the use of digital assets in Cambodia as government authorities still broadly consider crypto trading as an illegal activity, noting that cryptocurrencies are yet to be appropriately defined and regulated in the region.
According to a combined statement with the National Bank of Cambodia, the SERC, and the General-Commissariat of National Police, investors must obtain a license before trading crypto assets.
Source: https://coinfomania.com/binance-inks-mou-with-cambodian-regulators/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=binance-inks-mou-with-cambodian-regulators