Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities – Regulation Bitcoin News

Cambodian authorities have reportedly said that no cryptocurrency company has been issued a business license yet, and that conducting cryptocurrency-related activities in the country is still illegal.

Fintech Industry Growing Rapidly

The Cambodian government has not greenlighted the issuing or use of any cryptocurrency in the country, a report has said. The report, which cites a document recently released by the Ministry of Finance and Economics, said it is still illegal to create, distribute, or trade cryptocurrencies in Cambodia.

According to a China News Service report, while the ministry does concede that the fintech industry is growing rapidly, it nonetheless reiterated that the long-standing ban on crypto trading remains in force. As previously reported by Bitcoin.com News, Cambodian authorities announced in 2018 that the circulation or trading of cryptocurrencies without a license was illegal.

At the time, 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.

Cambodia Drafting Fintech Policy

In a new statement jointly issued with the National Bank of Cambodia, the Securities Commission, and the National Police Agency, the Finance ministry reiterated that no cryptocurrency company has been issued a business license.

Meanwhile, the China News Service report revealed that Cambodia 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.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.




Source link

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts