Cryptocurrency exchange Binance supports Azerbaijan to establish regulation of digital assets. Major coin trading platforms have been active in the region this year, looking to expand their market presence and interact more with authorities.
Binance Supports Azerbaijan Monetary Authority to Tighten Regulation of Cryptocurrencies
ready to help. Olga Goncharova, director of government relations for the company’s Commonwealth of Independent States (CIS), spoke to local media about refining the mechanism for regulating cryptocurrencies.
Speaking to Azerbaijan’s Trend News Agency, a Binance representative revealed that regulatory issues were discussed during a recent meeting with CBA officials, stating: 22}
In practice, central banks around the world and in many CIS countries have chosen to regulate rather than ban cryptocurrencies.
“The introduction of regulation will not only increase confidence in the industry, but also increase foreign direct investment in the country,” Goncharova elaborated. The executive emphasized that Binance sees great potential in the future cryptocurrency industry, noting that traders from CIS countries have shown interest in its products.
“Crypto assets have declined this year for a variety of reasons, but the technology itself has held up and interest is only growing. , to solve the challenges faced by citizens,” Goncharova pointed out.
The largest exchange looking to expand contacts in the CIS region
Olga Goncharova also said that besides Azerbaijan, other exchanges including Kazakhstan and Kyrgyzstan in Central Asia We hold conferences in former Soviet countries and expand the geography of such contacts.
In early October, Binance offered the government of Kazakhstan to help “safely develop” the country’s cryptocurrency market and agreed to cooperate with the financial authorities. It has since been licensed as a provider of crypto exchange and custody services.
The global trading platform is looking to expand its presence in Eastern Europe by announcing the opening of a new office in Romania in September. The developing crypto industry has attracted the attention of regulators, said founder and CEO Changpeng Zhao during his visit to Bucharest.
Like others in the industry, the world’s leading cryptocurrency exchange has been hit by negative developments in the space, the latest of which is competitor It was the bankruptcy of FTX. On December 13th, Binance confirmed net outflows reached his $3 billion mark, the report warns of turbulent months ahead, with his Zhao writing in a memo. It is quoted as having
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