Binance CEO “CZ” has been pushing for crypto and blockchain adoption in Southeast Asia in order to establish its leadership in the region. Now, Binance and Cambodia’s Securities and Exchange Regulator of Cambodia (SERC) have signed an MOU to develop the legal framework for regulating and boosting digital asset businesses in Cambodia.
Binance Eyes Rise in Digital Assets Adoption in Cambodia
The world’s largest crypto exchange Binance has signed an MoU with the Securities and Exchange Regulator of Cambodia (SERC) to develop the digital asset industry in the country, the company announced on June 30.
Binance will support the SERC to develop the legal framework for regulating and bolstering the digital asset industry. Furthermore, the company will share technical expertise and experience in digital asset operations and conduct training on digital assets.
The SERC has not issued a digital asset license to any entity. However, the country is developing regulations due to the rising demand for crypto and blockchain in the country.
SOU Socheat, Delegate of Royal Government in Charge as Director-General of SERC, said:
“We hope to implement the digital asset innovation in the right way to Cambodia through the collaboration with Binance. We are working to develop proper regulations and expect this MoU to be a stepping stone for our future regulatory work”
The adoption of blockchain and digital assets is high in Southeast Asia. In fact, Cambodia has the potential to become a leading market. Binance hopes to resolve the digital assets deadlock in the Cambodian market by providing extensive and professional knowledge of digital assets.
Cambodia’s Ministry of Finance and Economics stated in April that it’s illegal to create, distribute, or trade cryptocurrencies in Cambodia. The country has been mostly focused on its CBDC plans. A renewed approach toward digital assets will further reduce their dependence on the U.S. dollar.
Binance Establishes Leadership in Southeast Asia
Currently, Binance CEO “CZ” is visiting many Southeast Asian nations to lead blockchain and crypto projects to increase crypto adoption in the region through expansion and partnerships.
Binance seeks the Virtual Asset Service Provider (VASP) and Electronic Money Issuer (EMI) licenses in the Philippines. Moreover, CZ met with officials to discuss the need for regulatory and banking support.
Moreover, the company has entered a strategic cooperation with Vietnam Blockchain Association, partnered with Malaysian exchange MX Global to boost crypto adoption, and promotes web3 developments in other Southeast Asian countries.