Dealing in cryptocurrencies without obtaining a license from relevant authorities has been declared illegal in Cambodia, according to an official statement published Tuesday, June 19.
The authorities specify these risks as including the fact that cryptocurrencies’ issuance is “not backed by collateral,” vulnerability to cybercrime, price volatility, and a lack of investor protection mechanisms that results from the pseudonymous nature of crypto transactions.
The authorities further raise concern over the potential facilitation of money laundering and terrorism financing, which they likewise attribute to pseudonymity.
The Post report highlighted that regulatory clarity had not yet been forthcoming from the country’s authorities at the time of writing, with cryptocurrencies remaining in a “gray area” between the SECC and NBC’s jurisdictions.
The press release suggested that the Cambodian government was investigating a crypto project dubbed Entapay, which it compared directly with Venezuela’s centrally-issued Petro.
Authorities in Cambodia have announced that domestic investors are now required to obtain a license in order to purchase, sell or trade cryptocurrencies – activities that would be otherwise regarded as illegal.
Dealing in crypto without obtaining a license from authorities has been declared illegal in Cambodia, in a joint statement released today by the country’s central bank
Binance’s digital wallet has seen a meteoric rise in Venezuela, climbing to the 33rd spot on the list of the country’s most downloaded apps. This achievement places it just above Snapchat and just below WhatsApp, two of the most widely used messaging platforms in the nation.
Venezuelan authorities have also blocked the world’s largest cryptocurrency exchange, Binance. Amid protests following the presidential elections, the Venezuelan government restricted access to Binance and several other online services.
Venezuelan government blocks Binance, X, Reddit, and Signal amid election unrest. CANTV, Venezuela’s state ISP, enforces the blockade as part of a crypto crackdown. President Maduro accuses Elon Musk of inciting protests and violating laws.
Venezuelan activists have alleged that President Maduro and his government are seeking ways to circumnavigate international sanctions, with crypto transactions.
Venezuela's Ministry of Electric Power plans to cut off crypto-mining companies drawing power from the national power grid SEN (Sistema Electrico Nacional).
Venezuela’s state-run oil company PDVSA is allegedly set to increase crypto usage in its crude and fuel exports as the U.S. strengthens oil sanctions against the country. Venezuela‘s PDVSA, the world’s fifth largest oil exporter, is turning to stablecoin Tether…
