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This week, the world's largest crypto exchange by trading volume signed an agreement with the Securities and Exchange Regulator of Cambodia to draw up cryptocurrency regulations in the southeast Asian country.

Binance will provide technical expertise to the government of Cambodia to help it establish a regulatory framework for digital assets.

“We hope to implement the digital asset innovation in the right way to Cambodia through the collaboration with Binance," said the Director-General of the Securities and Exchange Regulator of Cambodia Sou Socheat. "SERC has not issued any digital asset license currently, but we are working to develop proper regulations and expect this MoU to be a stepping stone for our future regulatory work.”

Cryptocurrencies are not governed by a legal framework in Cambodia, which in 2018, forbade any unlicensed activity with virtual currencies.

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“Economically, Cambodia has been in the top 10 fastest growing countries over the last 10 years, and the annual economic growth has been consistent," Gleb Kostarev, Binance’s regional head of Asia, told Cointelegraph. "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.”

Binance has accelerated its regulatory approvals globally in recent months, particularly in the Middle East.

“While Western cryptocurrency companies are buying Super Bowl ads and sports stadium rights, Binance is ruthlessly and custodial taking over emerging markets in Asia, Africa, the Middle East, and Latin America. They are winning,” said Alex Gladstein, chief strategy officer at the Human Rights Foundation.