To deal in Crypto in Cambodia you need to obtain a license

To deal in Crypto in Cambodia you need to obtain a license

The Cambodia government has some issues with cryptocurrency

Work with cryptocurrencies without a required license is now illegal in Cambodia. The joint statement was first penned on May 11 by the National Bank of Cambodia (NBC), the Securities and Exchange Commission of Cambodia (SECC) and the General-Commissariat of National Police, and has now been publicly released on web site.

“KH Coin, Suncoin, K Coin, One-coin, Forex coin'' represent a threat to the society. The authorities specify these risks as including the fact that cryptocurrencies’ issuance is “not backed by collateral,” vulnerability to cybercrime, price volatility and so on. Also, the authorities are worried about money laundering and financing of terrorist organizations.

In the statement, the authorities appealed to the public with a request to be cautious dealing with cryptocurrency and reported that unlicensed activities will be subject to fines in accordance with applicable laws.

As local newspaper The Phnom Penh Post announces earlier this year, in December 2017 NBC has banned the trade in cryptocurrency to all domestic banks and microfinance institutions. As early as 2014, NBC noted that it does not recognize Bitcoin as a currency because this currency is not issued by the central bank of any jurisdiction.

This March, a press release from the Association of Southeast Asian Nations (ASEAN) Blockchain Summit expressed the idea that Cambodia could issue its own digital currency. The press release expressed an opinion that the Cambodian government was investigating a crypto project dubbed Entapay, which it compared directly with Venezuela’s centrally-issued Petro.

Source:

https://cointelegraph.com/news/cambodian-regulators-say-dealing-in-crypto-without-license-is-illegal

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