Report: Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities

Cambodian authorities person reportedly said that nary cryptocurrency institution has been issued a concern licence yet, and that conducting cryptocurrency-related activities successful the state is inactive illegal.

Fintech Industry Growing Rapidly

The Cambodian authorities has not greenlighted the issuing oregon usage of immoderate cryptocurrency successful the country, a study has said. The report, which cites a papers precocious released by the Ministry of Finance and Economics, said it is inactive amerciable to create, distribute, oregon commercialized cryptocurrencies successful Cambodia.

According to a China News Service report, portion the ministry does concede that the fintech manufacture is increasing rapidly, it nevertheless reiterated that the long-standing prohibition connected crypto trading remains successful force. As antecedently reported by Bitcoin.com News, Cambodian authorities announced successful 2018 that the circulation oregon trading of cryptocurrencies without a licence was illegal.

At the time, authorities warned that crypto activities had the imaginable to origin risks to the nationalist and society. The volatility of crypto assets arsenic good arsenic their deficiency of backing by an underlying plus are immoderate of the risks mentioned successful the May 11, 2018 statement. Lack of user protection, cybercrime, and nonaccomplishment of funds owed to hacking are the different risks that were mentioned successful the statement.

Cambodia Drafting Fintech Policy

In a caller connection jointly issued with the National Bank of Cambodia, the Securities Commission, and the National Police Agency, the Finance ministry reiterated that nary cryptocurrency institution has been issued a concern license.

Meanwhile, the China News Service study revealed that Cambodia is presently drafting its fintech improvement argumentation which, according to the concern ministry, ensures the state afloat benefits from the improvement of this emerging exertion portion minimizing the associated risks.

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