Binance and SERC to Inculcate Crypto in Cambodia, Set Standards for Local Community

Binance and the SERC intend to inculcate the use of crypto in Cambodia and put forth standards for the local community.

Binance, the world's largest cryptocurrency platform, and the Securities and Exchange Regulator of Cambodia (SERC) reached an agreement. The collaboration will seek to impose comprehensive rules on the domestic digital asset sector and support crypto firms' efforts.

Binance has partnered with the TikTok star Khaby Lame. She will represent the company on a global scale.

Binance's Efforts in Cambodia

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Binance will share technical knowledge with the Cambodian government and assist businesses in the Southeast Asian nation. Binance also plans to introduce cryptocurrencies to more people in Cambodia, as well as provide training courses.

The SERC has not yet issued any digital asset license, but hopes to change that trend with the help of Binance.

“We are expecting to develop proper regulations and expect this Memorandum of Understanding (MoU) to be a stepping stone for our future regulatory work,” he added.

Gleb Kostarev, head of Binance in Asia, commented on the collaboration. He said that there is a growing adoption rate of blockchain and digital assets in Southeast Asia, which means Cambodia could become a global crypto hub.

“Binance hopes to add value to the Cambodian securities industry by providing extensive and professional knowledge of the digital asset market,” the exec concluded.

The Binance exchange and Khaby Lame, a co-founder of the venture fund Para, have announced their partnership.

The exchange disclosed its partnership with the most followed person on TikTok - Khaby Lame. The Italian-Senegalese creator will join the platform as a global brand ambassador.

Binance and Lame will try to boost crypto adoption among the social media platform's users and introduce educational features. The 22-year-old, who has over 144 million followers, is well known for his short videos where he silently mocks overly complicated life hacks. He has a signature hand style called "Khaby move," which will be included in a future NFT collection.

The TikToker revealed that he had been interested in the Web3 ecosystem for some time before jumping into a partnership with Binance. The partnership, he said, was an opportunity that shouldn't be passed up. With the platform's help, he will continue to "make complex stuff easy and fun for everyone."

James Rothwell, Global Vice President of Marketing at Binance, said that Lame is a "cultural icon" and one of the most entertaining creators globally. His charisma and sense of humor could increase Web3 adoption, according to the exec.

Last week, the trading venue signed a similar agreement with another celebrity - the soccer star Cristiano Ronaldo. The two parties will collaborate to create different NTF collections, which will be listed exclusively on the Binance NFT marketplace.

The legend of Real Madrid and other soccer clubs said that his relationship with his fans is "very important," and he is happy to give them "unprecedented experiences."