Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities

According to a report, the Cambodian government has not approved the issuance or usage of any cryptocurrency in the nation. According to the report, it is still illegal to generate, distribute, or exchange cryptocurrencies in Cambodia, citing a document recently released by the Ministry of Finance and Economics. While the ministry acknowledges that the fintech industry is fast-growing, it has maintained its long-standing ban on crypto trading, according to a China News Service article. The circulation or trading of cryptocurrencies without a license was declared unlawful by Cambodian authorities in 2018. Authorities cautioned at the time that crypto activities could pose a threat to the public and society. Some of the dangers listed in the May 11, 2018 announcement include the volatility of cryptocurrencies and their lack of backing by an underlying asset. Other hazards listed in the statement include a lack of consumer protection, cybercrime, and the loss of funds as a result of hacking. Cambodia Drafting Fintech Policy The Finance Ministry emphasized that no cryptocurrency company has been granted a business license in a joint statement with the National Bank of Cambodia, the Securities Commission, and the National Police Agency. Meanwhile, according to a China News Service report, Cambodia is working on a fintech development policy that, according to the finance ministry, will ensure that the government benefits fully from ...