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Cambodia: Kingdom says a firm ‘no’ to unsanctioned crypto-related activities
Cambodia has refused to issue or use any cryptocurrency in the country. A document recently released by the Ministry of Finance and Economics said it is still illegal to create, distribute, or trade cryptocurrencies in the country.
While the ministry does concede that the fintech industry is growing rapidly, it nonetheless reiterated that the long-standing ban on crypto trading remains unchanged, read a report in China News Service. As previously reported by Bitcoin.com News, Cambodian authorities announced in 2018 that the circulation or trading of cryptocurrencies without a license was illegal.
Authorities warned that crypto activities had the potential to cause risks to the public and society. The volatility of crypto assets as well as their lack of backing by an underlying asset are some of the risks mentioned in the May 11, 2018, statement. Lack of consumer protection, cybercrime and loss of funds due to hacking are the other risks that were mentioned in the statement.
The National Bank of Cambodia, the Securities Commission, and the National Police Agency, the Finance ministry in a new statement jointly issued reiterated that no cryptocurrency company has been issued a business license.
Cambodia, however, is currently drafting its fintech development policy which, according to the finance ministry, ensures the country fully benefits from the development of this emerging technology while minimizing the associated risks.
Source: https://www.khmertimeskh.com/501068033/kingdom-says-a-firm-no-to-unsanctioned-crypto-related-activities/