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Fintech is a rapidly growing industry
According to a report, the Cambodian government has not approved the issuance or usage of any cryptocurrency in the nation. According to the report, it is still illegal to generate, distribute, or exchange cryptocurrencies in Cambodia, citing a document recently released by the Ministry of Finance and Economics.
While the ministry acknowledges that the fintech industry is fast growing, it has maintained its long-standing ban on crypto trading, according to a China News Service article. Cambodian authorities announced in 2018 that the distribution or dealing of cryptocurrencies without a license was prohibited, as previously reported by Bitcoin.com News.
Authorities cautioned at the time that crypto activities could pose a threat to 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 hazards listed in the statement include a lack of consumer protection, cybercrime, and the loss of funds as a result of hacking.
Cambodia is working on a Fintech Policy
The Finance Ministry emphasized that no cryptocurrency company has been granted a business license in a joint statement with the National Bank of Cambodia, the Securities Commission, and the National Police Agency.
Meanwhile, according to a China News Service report, Cambodia is working on a fintech development policy that, according to the finance ministry, will ensure that the government benefits fully from the development of this emergent technology while avoiding the risks.
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