Binance Is Collaborating with Governments to Shape Their Crypto Policies

A new report by the Financial Times states that several countries have shown interest in Bitcoin reserves and have sought Binance's advice.

Crypto exchange Binance is reportedly collaborating with governments to shape their crypto policies and advising them on establishing Bitcoin reserves.

Several countries have shown interest in setting up their own crypto reserves and have been seeking Binance’s advice and expertise, according to a new report by the Financial Times.

During an interview at the company’s Binance Chain Node (BCN) event in London, the company’s CEO, Richard Teng, said that both governments and sovereign wealth funds are asking for Binance’s advice on crypto.

While he did not disclose which countries are interested in setting up Bitcoin reserves, Teng said that Binance is helping these nations with policies for managing and storing crypto.

“We have received several approaches by a few governments and sovereign wealth funds on the establishment of their crypto reserves,” Teng said.

Recently, most nations have been warming up to cryptocurrencies and are seeking rules to guide industry activities. For example, the US has made significant progress in crypto regulation, especially with President Trump’s administration making swift moves to set up a legal framework for crypto firms.

According to Teng, the US is currently "slightly ahead" of most nations when it comes to crypto regulations.

However, Binance and the US have also had a bittersweet relationship, with the crypto exchange being sanctioned for money laundering by US authorities.

Although Binance still faces strict monitoring from US regulators, the exchange has expressed plans to be more compliant than in previous years.

Teng noted that the new administration in the US has helped improve sentiments, making it easier for firms to operate.

“It feels like there is a little bit more positivity in the air, and it’s easier to move forward and engage in a constructive manner with the U.S.,” he added.

The recent interest in Bitcoin shows that governments are treating crypto as a real asset. There’s also been massive mainstream adoption of crypto in recent months.

In March, a bill legalizing Bitcoin payments was introduced in the Pakistani parliament. Meanwhile, Kyrgyzstan is also developing its own crypto legislation.

Former Binance CEO Changpeng Zhao has also been playing a huge role in advising these nations on how blockchain can support economic growth and innovation, especially in developing countries.