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Binance To Help Azerbaijan With Crypto Regulations – Exchange Bitcoin News
Cryptocurrency exchange Binance has offered to support Azerbaijan in its efforts to establish regulations for digital assets. The leading coin trading platform has been active in the region this year, seeking to expand its market presence and increase interaction with the authorities.
Binance to help Azerbaijan’s monetary authority with cryptocurrency regulations
The world’s largest crypto-asset exchange, Binance, is ready to provide support to the Central Bank of Azerbaijan (CBA) in working out mechanisms for crypto-regulation, the company’s director of governmental relations in the Commonwealth of Independent States (CIS) Olga Goncharova told local media.
Speaking to Azerbaijan’s Trend News Agency, the Binance representative revealed that regulatory matters have been discussed during a recent meeting with CBA officials and stated:
In practice, both around the world and in a number of CIS countries, central banks choose the way to regulate cryptocurrency rather than ban it.
“Introducing regulation will increase confidence in the industry as well as foreign direct investment in the country,” Goncharova elaborated. The executive emphasized that Binance sees great potential for the crypto industry in the future, noting that traders in CIS countries are showing interest in its products.
“Although cryptoassets fell this year for various reasons, we see that the technology itself has held its own and interest in it will only grow. This technology solves the challenges faced by citizens, including financial services at minimal cost and even faster,” Goncharova pointed out .
Largest exchange that wants to expand contacts in the CIS area
Olga Goncharova also noted that besides Azerbaijan, the exchange has held meetings in other former Soviet republics, including Central Asia’s Kazakhstan and Kyrgyzstan, and intends to expand the geography of such contacts.
In early October, Binance offered to support Kazakhstan’s government in the “safe development” of the country’s crypto market and agreed to cooperate with the financial authorities. It was later licensed as a provider of crypto exchange and custody services.
The global trading platform has also been looking to increase its presence in Eastern Europe, announcing the opening of a new office in Romania in September. The evolving crypto industry has caught the attention of regulators, founder and CEO Changpeng Zhao commented during a visit to Bucharest.
Like others in the industry, the world’s leading crypto exchange has been affected by negative developments in the space, the latest of which was the collapse of competitor FTX. On December 13, Binance saw net outflows of $3 billion, and a report quoted Zhao warning colleagues in a note to expect bumpy months ahead.
Do you think Azerbaijan and other countries in the region will soon regulate their crypto markets? Tell us in the comments section below.
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