Cambodian authorities have reportedly stated that crypto companies have not yet been issued business licenses and that it is still illegal to engage in crypto-related activities in the country.
Fast-growing fintech industry
According to reports, the Cambodian government has not shed light on the issuance or use of cryptocurrencies in the country. Citing a recently released document by the Ministry of Finance and Economy, the report states that it is still illegal to create, distribute or trade cryptocurrencies in Cambodia.
According to the Chugoku Shimbun ReportThe ministry acknowledges that the fintech industry is growing rapidly, but nevertheless reiterated that the long-standing ban on crypto trading remains valid.As before report According to Bitcoin.com News, Cambodian authorities announced in 2018 that the circulation or transaction of cryptocurrencies without a license is illegal.
At that time, authorities warned that cryptographic activity could pose a risk to the general public and society. Some of the risks mentioned in the May 11, 2018 statement are the volatility of crypto assets and the lack of backing by underlying assets. Other risks mentioned in the statement are lack of consumer protection, cybercrime, and loss of funds due to hacking.
Cambodia Drafting FinTech Policy
In a new statement issued jointly with the National Bank of Cambodia, the Securities Commission, and the National Police Agency, the Treasury reiterated that cryptocurrency companies have not been issued business licenses.
Meanwhile, the Chugoku Shimbun reports that Cambodia is currently drafting a fintech development policy, and the Ministry of Finance says the country is completely out of the development of this emerging technology while minimizing the associated risks. We guarantee that you will benefit.
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