On the back of the global cryptocurrency platform Binance signing an MoU with the Securities and Exchange Regulator of Cambodia (SERC) earlier in 2022, crypto social trading exchange MoonXBT has followed suit.
A press release on the signing confirms that MoonXBT will work with SERC to promote the development of digital assets in Cambodia regarding raising awareness and human resources, etc.
The SERC posted on its official social media platforms: “Securities and Exchange Regulator of Cambodia will sign Memorandum of Understanding (MOU) with China Development Institute on “The Development of Securities Market in Cambodia” and MOU with Moonxbt Global Limited on “Cooperation in Raising Awareness and Human Resource Development in the Securities Sector in Cambodia”.
Even after the SERC signed the MoU with Binance, and the ensuing training, there has been no clear stance on cryptocurrency – officially.
The SERC confirms “it has not granted the authorisations or licenses to any business or services related to digital assets as this product is subject to research and review of procedures and mechanisms to ensure the effectiveness in supervising and regulating this business.”
Many Cambodian banks don’t officially endorse trading crypto assets or buying cryptocurrencies from local bank accounts, it remains a grey area with the fear for a long time of having accounts frozen if funds are used to purchase crypto with a Cambodian account.
Cambodia, however, looks to be laying the groundwork and related frameworks & laws pertaining to new financial products including digital assets – as part of the MoU, MoonXBT will be assisting with this regard.
Who attended the MoonXBT & SERC MoU signing?
The MOU signing was attended by the chief director of SERC, Sou Socheat, the vice dean of China Development Institute (CDI), Dr. Qu, the former vice president of Bank of China, Dr. Wang, and the deputy head of division at securities and exchange commission of Cambodia, Pich Rithy. Mr. Anderson, Indonesia Country Manager repesented Moonxbt Global Limited (mysteriously only named as Anderson in the PR)
MoonXBT added: “This means much more than getting licences from local government, this is the trust to MoonXBT from the top government straightforward.”
In addition to Cambodia, MoonXBT is also working with local regulators in other countries and regions and has users from Vietnam, Indonesia and Malaysia.
The company claims its one of the top three crypto derivative exchanges in Vietnam and in total says it has more than two hundred thousand users covering about 100 countries.
“Signing the MOU is definitely a milestone for the development of MoonXBT. It will take this chance to fast forward its global regulatory compliance work, and will also use the experience it has gathered in the region to promote the development of Cambodia’s digital asset class,” says Anderson of MoonXBT.