Cambodia has officially entered the crypto space. The Securities and Exchange Regulator of Cambodia (SERC) announced on June 30 that it has reached an agreement with Binance.
As the popularity of crypto assets grows, so does adoption. To stay up with current events, several individuals and businesses are joining the moving train. Various governments are gradually extending their doors to welcome digital assets into their borders.
Through regulatory actions, more countries have carved their path into the digital space. As a result, many watchdogs have begun to oversee and enforce compliance regulations on crypto-related operations.
For years, Asia has been a vibrant centre for rising crypto indulging. Most Asian countries have enthusiastically embraced the presence of cryptocurrency. They have also enacted regulatory legislation that may aid them in controlling crypto activity.
Asian countries such as Singapore, Thailand, the Philippines, and Malaysia have already entered the digital sphere. Furthermore, their governments have increasingly implemented legislation that facilitate the use of digital currency.
Finally, Cambodia is making an official move into the crypto sector. The Securities and Exchange Regulator of Cambodia (SERC) announced on June 30 that it has entered into an agreement with Binance.
According to the article, SERC and the exchange established a memorandum of understanding on crypto legislation. Binance has assisted the South Asian government in creating formidable regulatory procedures for the sector.
Cambodia intends to be fully prepared as a result of Binance’s extensive experience and competence in the digital assets market. Furthermore, the partnership would help to technically reposition the country by establishing robust legal structures for its market.
Cambodia previously lacked digital legislation for interested industry participants. Instead, unlicensed businesses and activities involving virtual assets are prohibited in the country.
Cambodia has made all crypto-related activity illegal since 2018. Nonetheless, its unexpected shift to the digital assets industry is a positive idea that could benefit aficionados. As a result of its collaboration with Binance, Cambodia is well on its way to establishing a presence in the digital assets field.
Binance is one of the organizations that has played its cards very well in terms of regulatory indicators. However, the exchange’s 2021 tragedy resulted in a tightening scheme after receiving multiple compliance warnings.
Binance now works with numerous countries to improve their digital asset rules. Its regulatory expertise is well-known in numerous dimensions and countries.
The exchange has collaborated with countries such as Singapore, Thailand, and Malaysia. Furthermore, it has negotiated a $15 million partnership with Bermuda to teach residents about digital assets.
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