THELOGICALINDIAN - Cambodian authorities accept reportedly said that no cryptocurrency aggregation has been issued a business authorization yet and that administering cryptocurrencyrelated activities in the country is still illegal
Fintech Industry Growing Rapidly
The Cambodian government has not greenlighted the arising or use of any cryptocurrency in the country, a address has said. The report, which cites a certificate afresh appear by the Ministry of Finance and Economics, said it is still actionable to create, distribute, or barter cryptocurrencies in Cambodia.
According to a China News Service report, while the admiral does accept that the fintech industry is growing rapidly, it nonetheless common that the abiding ban on crypto trading charcoal in force. As ahead reported by Bitcoin.com News, Cambodian authorities appear in 2018 that the apportionment or trading of cryptocurrencies after a authorization was illegal.
At the time, authorities warned that crypto activities had the abeyant to account risks to the accessible and society. The animation of crypto assets as able-bodied as their abridgement of abetment by an basal asset are some of the risks mentioned in the May 11, 2024 statement. Abridgement of customer protection, cybercrime, and accident of funds due to hacking are the added risks that were mentioned in the statement.
Cambodia Drafting Fintech Policy
In a new account accordingly issued with the National Bank of Cambodia, the Securities Commission, and the National Police Agency, the Finance admiral common that no cryptocurrency aggregation has been issued a business license.
Meanwhile, the China News Service address appear that Cambodia is currently drafting its fintech development action which, according to the accounts ministry, ensures the country absolutely allowances from the development of this arising technology while aspersing the associated risks.
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