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.