The head of Binance spoke about the strategy for introducing cryptocurrencies in Malaysia

Binance Bitcoin Torge is ready to work closely with cryptocurrency trading platforms in Malaysia to speed up the introduction of digital assets in the country. This was stated by the head of Chanpen Zhao, the local media write.

During the conference “Cryptocurrency market trends and future opportunities,” he emphasized the importance of compliance with regulatory requirements. According to him, the Binance plan is to “go to the global level, acting locally”.

“We need some guiding principles for work, and we would very much like to cooperate with our partners and regulatory authorities […]. Protection of users costs a lot of money in the short term, but in the long run it will be a big victory, ”he added.

The MX Global trading platform acted as one of the partners in Malaysia. In March, the company announced Чжао доводитиме investment from Binance.

During the CEO conference, the Fazlie Shah Anuar platform added that the partnership will allow MX Global to speed up growth and implementation not only through financing, but also thanks to the “transmission of technology and talents”.

The top manager also noted that Malaysia needs to resolve issues with regulation. In his opinion, the authorities should help make cryptocurrency the mainstream, and not only consider it as a speculative asset.

In July 2020, the Malaysian Securities Commission (SC) added Binance to the list of legal entities whose activities do not comply with the legislation.

In 2021, the regulator announced forced measures against the company “For illegal management of digital assets exchange”.

Recall that the law on cryptocurrencies and digital tokens in Malaysia adopted in 2019. Then SC registered the first three exchanges of digital assets.

In March 2022, K-Komm called on the authorities to develop a legal framework for the legal turnover of bitcoin and other cryptocurrencies.