Cryptocurrency exchange Binance has confirmed that it will be helping Azerbaijan with the country’s efforts to introduce regulation for the digital asset economy.
The world’s largest exchange is confident that it can leverage its expertise to help the country draft a framework that is fair and invites innovation.
To this end, Binance will work with the Central Bank of Azerbaijan (CBA) to help create mechanisms for crypto regulation.
Speaking to local media, Binance said that it is meeting with CBA officials to help create a first draft that will later on be taken to scale and serve as the basis of a more robust framework.
Binance director of governmental relations in the Commonwealth of Independent States Olga Goncharova was pleased with the course of action, and expressed confidence that with Binance’s help, the country will attract investment and win the trust of the crypto community.
“Introducing regulation will increase confidence in the industry as well as foreign direct investment in the country”, she said.
Goncharova remained confident and optimistic about the future of the industry despite the decline in the overall value of crypto.
Binance itself is not unscathed, even though the company has remained buoyant unlike rivals Coinbase, Crypto.com and especially FTX.
However, Binance may also face an investigation into its own affairs led by the US Department of Justice, although the matter is still kept under tight wraps.
There have also been rumors that the company auditing Binance’s books have called it quits. Changpeng Zhao, Binance’s boss, has remained fairly optimistic about the future, but has warned that 99% of all crypto investors are likely to lose their funds anyway.
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