Binance, a cryptocurrency exchange, has offered to help Azerbaijan in its efforts to put up rules for digital assets. The top cryptocurrency trading platform has been active in the area this year to boost its market presence and communicate with authorities more frequently.
Binance Will Help Azerbaijan’s Monetary Authority With Cryptocurrency Regulations
According to Olga Goncharova, the company’s Director of Governmental Relations in the Commonwealth of Independent States (CIS), Binance, the largest exchange for crypto assets in the world, is prepared to assist the Central Bank of Azerbaijan (CBA) in developing mechanisms for crypto regulation.
The Binance spokesman said that regulatory issues were covered during a recent discussion with CBA representatives while speaking to Azerbaijan’s Trend News Agency and said:
In reality, central banks throughout the globe and in several CIS nations prefer to regulate cryptocurrency rather than outright outlaw it.
According to Goncharova, “introducing legislation will boost confidence in the sector as well as foreign direct investment in the nation.” The executive stressed that Binance believes the cryptocurrency market has a bright future, stating that customers from the CIS region are interested in its offerings.
“Even though crypto assets fell this year for various reasons, we can see that the technology has endured and that interest in it will only increase. According to Goncharova, this technology provides financial services and other problems that citizens face at a low cost and even more quickly.
Largest Exchange Wants to Increase Contacts in the CIS Region
Olga Goncharova added that in addition to Azerbaijan, the exchange has organized meetings in other former Soviet states, such as Kazakhstan and Kyrgyzstan in Central Asia, and seeks to broaden the geographic scope of such exchanges.
Binance pledged to assist Kazakhstan’s government in the “safe development” of the nation’s cryptocurrency market in early October and consented to work with its financial regulators. Later, it received a license to offer cryptocurrency custody and exchange services.
The international trading platform announced the creation of a new office in Romania in September to strengthen its footprint in Eastern Europe. Founder and CEO Changpeng Zhao said during a visit to Bucharest that regulators are paying attention to the growing cryptocurrency industry.
The world’s largest cryptocurrency exchange, like others in the sector, has been impacted by unfavorable changes in the market, the most recent of which was the demise of its rival, FTX. On December 13, Binance had net outflows of $3 billion, and Zhao is described in a newspaper as telling his coworkers in a note to prepare for challenging months.
Conclusion:
Do you think Azerbaijan and other countries in the region will soon regulate their crypto markets?
