Top-tier crypto exchange Binance has reportedly put its signature on a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC). 

Specifically, Binance and SERC are reportedly forging an alliance to focus on designing digital assets regulations in the nation. SERC is having plans down its pipeline to utilize Binance’s technical expertise and experience in the sector to build its own legal framework for the digital asset market.

Cryptocurrencies currently receives no official regulations in Cambodia, and any unlicensed activity associated with virtual assets is will face barring. The collaboration could be a pivotal move for the South Asian nation, where any crypto-linked activity has been classified as not abiding the law since 2018.

“Economically, Cambodia has been in the top 10 fastest growing countries over the last 10 years, and the annual economic growth has been consistent. Furthermore, the population of the young and tech-savvy is high. With all these advantages, we believe that Cambodia can be a forerunner in the Web3 and digital asset industry. It would be an honor to be part of that process.” Gleb Kostarev, Binance’s regional head of Asia, additionally remarked. 

Asia has been building a reputation of a crypto hotspot throughout the years, with numerous countries in the area employing a pro-crypto approach. Thailand, Singapore, Malaysia and the Philippines have generated progressive regulations to promote the use of crypto assets in their respective countries.

Binance has reportedly been investing extensive efforts in forging good connections, regulation-wise, particularly since its 2021 turmoil which had almost half a dozen nations issuing compliance warnings against it.

The high-profile crypto exchange has since repaired its relations and has formed critical collaborations in Asia over the past year in different nations, nominally Thailand, Malaysia and Singapore.