Cambodia Bans Crypto Trading, Circulation, & Settlement Without Appropriate License

The National Bank of Cambodia (NBC), the Commission of Cambodia, and the General-Commissariat of National Police together composed a declaration about the legitimacy of crypto operations in the country. The declaration was signed on May 11 but issued on Tuesday, June 19.

The authorities allocated that “Any person or legal entity” attracted in any of the operations regarding trading, circulation and settlement of cryptocurrencies without an appropriate license “shall be penalized in accordance with applicable laws.” Nevertheless, the report does not indicate bitcoin or any crypto with a large market cap.

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The Cambodian Securities and Exchange Commission beforehand alerted the citizens of the risks and dangers of trading or investing in cryptocurrencies. The national press agency, AKP, wrote in December that NBC “reconfirmed its stand not to recognize digital currency bitcoin being introduced by some businesses in Cambodia.”

The central bank issued a decree in December to all banks and micro – financing and micro – crediting institutions in the country to prohibit the trading of cryptocurrencies and among them bitcoin, the Phnom Penh Post explained, adding that, as a result:

“Many of these financial institutions prevent customers from using their accounts to buy or sell digital coins or tokens.”

 

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