Cryptocurrency exchange Binance has offered to support Azerbaijan in efforts to establish regulations for digital assets. The leading coin trading platform has been active in the region this year, seeking to expand market presence and increase interaction with authorities.

Binance to Assist Azerbaijan’s Monetary Authority With Regulations for Cryptocurrencies

The world’s largest exchange for crypto assets, Binance, is ready to provide support to the Central Bank of Azerbaijan (CBA) in elaborating 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 show interest in its products.

“Even though crypto assets declined this year for various reasons, we see that the technology itself has held up and interest in it will only grow. This technology solves the challenges citizens are facing, including financial services at minimal cost and even faster,” Goncharova pointed out.

Largest Exchange Looking to Expand Contacts in CIS Area

Olga Goncharova also remarked 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 its financial authorities. It was later licensed as a provider of crypto exchange and custody services.

The global trading platform has been also looking to increase its presence in Eastern Europe, announcing the opening of a new office in Romania in September. The developing 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 impacted by negative developments in the space, the latest of which was the collapse of its competitor, FTX. On Dec. 13, Binance saw net outflows reaching $3 billion and a report quoted Zhao as warning colleagues in a memo 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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Filed under: Bitcoin - @ December 18, 2022 11:00 am