Crypto exchange Binance has signed a memorandum of understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement.
Binance and SERC will work together to develop crypto regulations in the country. SERC is looking to leverage Binance’s technical expertise and experience in the field to develop its own legal framework for the digital asset market.
Cryptocurrencies are not regulated in Cambodia and any unlicensed activity involving these digital assets is highly prohibited. The partnership could prove pivotal for the South Asian nation where any crypto-linked activity is deemed illegal since 2018.
Gleb Kostarev, Binance regional head of Asia told Cointelegraph:
"Economically, Cambodia is in the top 10 fastest growing countries over the last 10 years and the annual economic growth has been consistent. Furthermore, the population of young and tech-savvy is high. With all these advantages, we believe that Cambodia can be a forerunner...
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