Binance Signs MoU to Acquire Cambodia Securities, Brokerage Services
Binance and SERC will collaborate on cryptocurrency operations in Cambodia.
Binance will work with the Thai government to develop legislation for regulating and promoting digital asset enterprises in the country.
Binance will also offer dedicated training on digital assets to the region.
Binance has signed a memorandum of understanding (MoU) with the Securities and Regulator Exchange Commission of Cambodia (SERC), according to an announcement on its official website. Binance and the Securities and Exchange Regulator of Cambodia(SERC) have agreed to develop a legal framework for regulating and developing the local digital asset industry.
The securities and exchange regulator will now have access to the know-how of Binance in terms of organization, operation, and listing of digital tokens. With this partnership, it is seen as a way for both organizations to enhance the growth potential in Cambodia’s digital economy.
According to Binance’s Asia-Pacific chief, Leon Foong, the current cryptocurrency price drop is an opportunity for the industry to rebuild with stronger firms.
Sou Socheat, the director-general of SERC, said they are hopeful to implement the digital asset innovation in the right way in Cambodia through collaborating with Binance.
The partnership between Binance and SERC is a way to help the growth of the digital economy in Cambodia. The total market capitalization of cryptocurrencies shrank by $1.26 trillion, or 58%, in the past three months, dropping below $1 trillion for the first time since the bull run began in early 2021.
Binance has been expanding its operations in Singapore as CEO Changpeng Zhao was reportedly working closely with Singapore regulators. Binance’s wallets grew by 240% in two years, with the firm looking to enter new geographies. The exchange is also reported to have received numerous deal proposals amid the market crash.