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Cryptocurrency exchange Binance has offered to support Azerbaijan in its efforts to set 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 will support the Azerbaijan Monetary Authority in the regulation of cryptocurrencies

The world’s largest exchange for crypto assets, Binance, is ready to support the Central Bank of Azerbaijan (CB) in the development of crypto regulatory mechanisms, Olga Goncharova, the company’s government relations director in the CIS, told the local. media.

In a conversation with Azerbaijan’s Trend news agency, a representative of Binance revealed that regulatory issues were discussed at a recent meeting with CBI officials and stated:

In practice, both around the world and in a number of CIS countries, central banks choose to regulate cryptocurrency rather than ban it.

“The implementation of regulations 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 from CIS countries are showing interest in its products.

“While crypto assets have declined this year for various reasons, we see that the technology itself has survived and interest in it will only grow. This technology solves the challenges faced by citizens, including financial services with minimal costs and even faster,” emphasized Goncharova.

The largest exchange that wants to expand contacts in the CIS area

Olga Goncharova also noted that, in addition to Azerbaijan, the exchange had meetings in other former Soviet republics, including Central Asian Kazakhstan and Kyrgyzstan, and intends to expand the geography of such contacts.

In early October, Binance offered to support the Kazakh 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 crypto exchange and custody service provider.

The global trading platform is also looking to increase its presence in Eastern Europe, announcing the opening of a new office in Romania in September. The burgeoning crypto industry has attracted 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 affected by negative developments in the space, the latest of which was the collapse of its rival, FTX. On December 13, Binance saw net outflows reach $3 billion, and the report noted that Zhao warned partners to wait in the coming months.

Tags in this story

Azerbaijan, Binance, Central Asia, CIS, Crypto, Crypto Assets, Crypto Exchange, Crypto Regulations, Cryptocurrencies, Cryptocurrencies, Expansion, Kazakhstan, Kyrgyzstan, Regulation, Regulations

Do you think Azerbaijan and other countries in the region will regulate their crypto markets soon? Tell us in the comments section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who likes the Hitchens quote. “Being a writer is what I am, not what I do.” Apart from crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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