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.
Suggesting that such activities “will cause potential risks to the publics [] and society as a whole,” the statement declares:
“Competent authorities clarify that the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities.”
The statement further says that failure to obtain a license for the above activities “shall be penalized in accordance with applicable laws.”
So far it isn’t clear just what license needs to be applied for, or what would be required for a successful application, but the requirement is likely to present a notable barrier for investors.
Since then, cryptocurrency related projects such as initial coin offerings (ICOs) and crypto trading activities continued to operate in a gray area, as regulators had yet to publish an explicit legal framework providing clarity for users of the nascent technology.
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
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
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