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Binance will assist Azerbaijan to establish cryptocurrency laws

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Joyashree Dey Follow

INDIA

Dec, 19 2022

Dec, 19 2022

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The largest cryptocurrency exchange in the world, Binance, is prepared to help the Central Bank of Azerbaijan (CBA) create regulatory frameworks for cryptocurrencies, according to Olga Goncharova, the company's Director of Governmental Relations in the Commonwealth of Independent States (CIS).


The Binance representative said in an interview with Azerbaijan's Trend News Agency that regulatory issues came up during a recent meeting with CBA officials and added: "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. 


During a recent meeting with CBA representatives, the Binance representative stated in an interview with Azerbaijan's Trend News Agency that regulatory issues came up. The representative continued: "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.


Goncharova claims that passing legislation will increase both domestic and foreign direct investment in the country. The executive emphasized that Binance sees a promising future for the cryptocurrency business and mentioned that clients from the CIS region are interested in its offerings.


“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.


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.


Early in October, Binance agreed to collaborate with Kazakhstan's financial regulators and made a commitment to help the government of Kazakhstan ensures the "safe development" of the country's cryptocurrency industry. Later, it received a license to offer custody and exchange services for cryptocurrencies.


The international trading platform announced the creation of a new office in Romania in September as part of its efforts 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 unfavourable 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. 


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Joyashree Dey

CBW - External Analyst

INDIA

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