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Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities

Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities – According to a report, the Cambodian government has not approved the issuance or usage of any cryptocurrency in the nation. According to the report, which references a document recently released by the Ministry of Finance and Economics, it is still illegal in Cambodia to create, distribute, or exchange cryptocurrencies.

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According to a China News Service source, while the ministry acknowledges that the fintech industry is quickly expanding, it has emphasized that the long-standing ban on cryptocurrency trading remains in effect.

Cambodian authorities declared in 2018 that the distribution or dealing of cryptocurrencies without a license remained prohibited.

Also Read: Argentinian Tax Agency Supports Creation of Global Crypto Report System to Avoid Evasion

Authorities warned at the time that crypto activities could endanger the public and society. Some of the dangers listed in the May 11, 2018 announcement include the volatility of crypto currencies and their lack of backing by an underlying asset.

Other concerns listed in the statement include a lack of consumer security, cybercrime, and the loss of funds as a result of hacking.

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The Finance Ministry emphasized in a recent statement published together with the National Bank of Cambodia, the National Police Agency, and the Securities Commission that no cryptocurrency company has been granted a business license.

Also Read: Uncollateralized Lending Platform Truefi Reveals $100 Million Single-Borrower Pool Designed for Blockchain.com

Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities – Meanwhile, according to the China News Service report, Cambodia is now developing its fintech development policy, which, according to the finance ministry, would ensure that the country properly benefits from the development of this emergent technology while reducing the related dangers.

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