Crypto exchange Binance has signed a memorandum of understanding with the Cambodian securities and exchange regulator to establish a legal framework for the development of the local digital asset industry.
Commenting on the event, Binance Asia-Pacific CEO Leon Foong said that the company sees the current fall in cryptocurrency prices as a chance to revive the industry with stronger participants:
“While there is some market correction going on now, there is a time of greater resilience ahead. Those projects that will count on the long term will survive. We want the regulators of Cambodia to feel resilient so that they can feel comfortable and clearly understand the principles of regulation of the new asset class.”
Leon Fung promised that Binance will focus on developing the Cambodian cryptocurrency market, educating regulators, users, and businessmen. In government hailed signing of the memorandum:
“We look forward to getting digital asset innovation right through the collaboration with Binance. Currently, the regulator does not issue licenses for digital assets, but we are working on developing proper rules and expect that the memorandum of understanding will be the starting point for future fruitful work.”
According to a report by analytics service Coinglass, Binance has captured more than 50% of the cryptocurrency derivatives market due to “the depth and diversity of altcoin selection.”
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.