The Asian nation of Cambodia has joined the list of nations adopting cryptocurrency. Despite the recent bearish market, cryptocurrency has continued to grow in the world.
El Salvador, in 2021 became the first nation to adopt cryptocurrency and make Bitcoin a legal tender. Many Asian nations have also embraced the existence of cryptocurrency with heightened participation. Singapore, Thailand, the Philippines, and Malaysia have already engaged in the digital space while Central African Republic in Africa also joined the list in April.
The governments of these nations have gradually rolled out regulations supporting these digital coins’ use. Finally, Cambodia is officially taking a step into the crypto space. According to an announcement on June 30, the Securities and Exchange Regulator of Cambodia (SERC) entered an agreement with Binance.
According to reports gathered, the SERC signed a memorandum of understanding with the exchange on crypto regulations. The South Asian country has employed Binance in developing formidable regulatory measures for the industry.
Cambodia plans to be fully equipped through Binance’s extended experience and expertise in the digital assets sector. In addition, the alliance would go a long way to technically reposition the country by building solid legal structures for its market.
Before now, Cambodia did not have digital regulations for interested participants in the industry. Instead, the country prohibits unlicensed operations and activities involving virtual assets.
Since 2018, Cambodia has illegalized all crypto-related activity. Nevertheless, its sudden tilt to the digital assets space is a welcomed idea that could favor enthusiasts. So, by collaborating with Binance, Cambodia is on its way to creating a foothold in the digital assets space.