Crypto exchange Binance has signed a memorandum of understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement.

Binance and SERC will work together to develop crypto regulations in the country. SERC is looking to leverage Binance’s technical expertise and experience in the field to develop its own legal framework for the digital asset market.

Cryptocurrencies are not regulated in Cambodia and any unlicensed activity involving these digital assets is highly prohibited. The partnership could prove pivotal for the South Asian nation where any crypto-linked activity is deemed illegal since 2018.

Asia has become a crypto hotspot over the years with several nations in the region adopting a pro-crypto approach. The likes of Thailand, Singapore, Malaysia, Philippines have come up with progressive regulations to promote the use of crypto assets in their respective countries.

Binance has paid special attention to good regulatory relations, especially after its 2021 debacle that saw nearly half a dozen countries issuing compliance warning against the crypto exchange. The leading crypto exchange has mended its relations since then and has forged critical partnerships in Asia over the past year in countries such as Thailand, Malaysia and Singapore.

The crypto exchange has also made a name for itself when it comes to offering technical expertise to governments about crypto and helping them with regulating the nascent sector, The exchange had signed a $15 million investment agreement in Bermuda to teach and educate the community about crypto.

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Binance’s regulatory in-roads in the emerging markets have caught