Binance to support CBA in regulation of crypto assets - CIS Director

By Trend

The world’s largest cryptocurrency exchange, Binance, is ready to support the Central Bank of Azerbaijan in creating mechanisms for the regulation of crypto assets, Director of Governmental Relations in CIS for Binance Olga Goncharova told Trend.

Goncharova noted that during the meeting with the CBA, issues of regulation of crypto assets in Azerbaijan were discussed.

"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. In this regard, the introduction of regulation will increase confidence in the industry as well as increase foreign direct investment in the country. Any regulation, which we consider the most important, provides protection for citizens and users of crypto-assets," she said.

Goncharova pointed out that Binance sees great potential for the crypto-industry and blockchain technology in the near future.

"The cryptosphere has great innovation potential, as evidenced by the number of startups that are increasingly entering the field. Blockchain technology itself is growing. 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 said.

She said the CIS countries show great interest in Binance products, including more complex ones.

"In addition, in such countries as Kazakhstan, Kyrgyzstan and others we held meetings with our users this year and these meetings will be expanded geographically," Goncharova concluded.