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Southeast Asia

Cambodia

From a 2018 ban on unlicensed crypto to bank rules and a US$10M exchange licence, with a full digital asset law due by end-2026.

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KHR 40BMinimum capital (about US$10M) for a digital asset trading, lending or management licence
KHR 4BMinimum capital (about US$1M) for a digital wallet licence
15%Business guarantee deposit as a share of minimum capital for SERC licensees

Cambodia's first answer to crypto was no. In 2018 the National Bank of Cambodia (NBC), the securities regulator and the national police declared that buying, selling, trading or settling cryptocurrencies without a licence was illegal, and no such licence existed.

The FATF grey-listed Cambodia in February 2019, and scam and laundering networks built on crypto kept the country under scrutiny.

Read the full story

The state built its own digital rail instead.

In October 2020 the NBC launched Bakong, a blockchain-based payment system linking banks and wallets in riel and dollars that works much like a retail CBDC.

Cambodia left the grey list in February 2023, and on 26 December 2024 the NBC issued a Prakas on crypto-asset transactions that lets approved banks and payment institutions, and licensed providers, deal in tokenised assets and fully backed stablecoins while barring banks from unbacked crypto such as bitcoin.

A second licence track followed on the capital markets side.

On 30 December 2025 the Non-Bank Financial Services Authority issued Prakas No. 093, under which the Securities and Exchange Regulator of Cambodia (SERC) licenses digital asset service providers for trading, wallets, lending and asset management, with minimum capital of KHR 40 billion (about US$10 million) for trading.

By September 2026 an inter-ministerial working group, with the SERC as its permanent vice-chair and secretariat, was drafting a Law on the Management of Virtual Assets with ADB support, aiming for an enactment-ready text in December 2026.

On 23 September 2026 the SERC and the NBC issued a joint statement dividing the field: commercial banks need prior NBC authorisation for virtual asset services, and every other provider needs an SERC licence.

For builders, Cambodia is opening but expensive: under the 2026 joint statement commercial banks go to the NBC and everyone else to the SERC, whose licence requires a local company, sandbox testing and heavy capital.

The fall of Huione Pay, which the NBC confirmed in March 2025 no longer held its licence, shows that regulators now watch crypto off-ramps closely.

The 2026 law should settle which regulator does what and how Cambodia meets FATF's virtual asset standards.

Who regulates

  • NBCNational Bank of Cambodia

    In charge of

    Cambodia's central bank. It sets monetary policy, licenses and supervises banks and payment institutions, and runs the national payment system, including Bakong since October 2020.

    On crypto

    Its Prakas B7-024-735 of December 2024 lets approved banks deal in tokenised assets and fully backed stablecoins while barring them from unbacked crypto such as bitcoin. Under a September 2026 joint statement with the SERC, banks need its prior authorisation for virtual asset services.

    NBC website
  • SERCSecurities and Exchange Regulator of Cambodia

    In charge of

    Cambodia's securities regulator, formerly the Securities and Exchange Commission of Cambodia. It licenses and supervises the securities market, including issuers, the stock exchange and intermediaries.

    On crypto

    Licenses digital asset service providers under Prakas No. 093 of December 2025 (KHR 40 billion capital for trading, sandbox testing first). Under the September 2026 joint statement with the NBC, all non-bank virtual asset providers need its licence; it leads drafting of the 2026 law.

    SERC website
  • NBFSANon-Bank Financial Services Authority

    In charge of

    Umbrella authority for Cambodia's non-bank financial sector. It oversees and coordinates the regulators for securities, insurance and other non-bank financial services, including the SERC.

    On crypto

    Issued Prakas No. 093 on 30 December 2025, the legal basis for the SERC's digital asset licences covering trading, wallets, lending and asset management. Payment uses of digital assets fall outside it.

    NBFSA website

What to watch

  • The draft Law on the Management of Virtual Assets/Digital Assets, due as enactment-ready legislation in December 2026 under the SERC-led working group.
  • The first SERC digital asset service provider licences under Prakas No. 093, and which platforms clear its sandbox testing and US$10 million capital bar.
  • NBC approvals for banks to hold or offer Group 1 tokenised assets and stablecoins, and the separate regulations the September 2026 SERC-NBC joint statement promises on permitted activities.

Quick answers

Who regulates crypto in Cambodia?

Three authorities shape crypto rules in Cambodia. NBC (National Bank of Cambodia): central bank; authorises commercial banks' crypto-asset activities under its 2024 Prakas, and runs Bakong. SERC (Securities and Exchange Regulator of Cambodia): licenses digital asset service providers and agents under Prakas No. 093 and leads drafting of the virtual asset law. NBFSA (Non-Bank Financial Services Authority): umbrella authority for non-bank financial regulators, including the SERC; issued Prakas No. 093.

Do crypto exchanges need a licence in Cambodia?

Not fully yet: the regime is being built. SERC licenses digital asset providers under Prakas 093 (Dec 2025); a full virtual asset law is due end-2026. The main licences are NBC approval or licence for crypto-asset activities (CASP) from NBC; SERC Digital Asset Service Provider licence from SERC; and SERC Digital Asset Agent licence from SERC. Four Pillars rates exchange licensing in Cambodia as developing (reviewed 5 Oct 2026).

Are stablecoins regulated in Cambodia?

Not fully yet: the regime is being built. NBC lets approved banks deal in fully backed Group 1b stablecoins; no standalone issuer regime yet. Four Pillars rates its stablecoin regime in Cambodia as developing (reviewed 5 Oct 2026).

How is crypto taxed in Cambodia?

No crypto-specific tax rules; general tax law applies. Four Pillars rates tax clarity in Cambodia as developing (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Cambodia?

Not fully yet: the regime is being built. Tokenised traditional assets (Group 1a) allowed for NBC-approved banks and licensed providers. Four Pillars rates tokenisation and real-world assets in Cambodia as developing (reviewed 5 Oct 2026).

What changed most recently in Cambodia's crypto rules?

23 Sep 2026: SERC and NBC issue a joint statement on virtual assets. Commercial banks need NBC authorisation for virtual asset services; all other providers need an SERC licence and become AML reporting entities. 16 Sep 2026: SERC publishes the work plan for a virtual asset law. An ADB-funded team is to deliver enactment-ready legislation aligned with FATF and IOSCO standards by December 2026.

What should companies watch next in Cambodia?

The draft Law on the Management of Virtual Assets/Digital Assets, due as enactment-ready legislation in December 2026 under the SERC-led working group. The first SERC digital asset service provider licences under Prakas No. 093, and which platforms clear its sandbox testing and US$10 million capital bar. NBC approvals for banks to hold or offer Group 1 tokenised assets and stablecoins, and the separate regulations the September 2026 SERC-NBC joint statement promises on permitted activities.

Timeline

  1. SERC and NBC issue a joint statement on virtual assets

    Commercial banks need NBC authorisation for virtual asset services; all other providers need an SERC licence and become AML reporting entities.

  2. SERC publishes the work plan for a virtual asset law

    An ADB-funded team is to deliver enactment-ready legislation aligned with FATF and IOSCO standards by December 2026.

  3. Prakas No. 093 creates SERC digital asset licences

    It sets licences for digital asset service providers and agents, valid for two years at first.

  4. NBC confirms Huione Pay has lost its licence

    The NBC cited non-compliance with regulations after allegations that the payment firm moved scam and laundering proceeds.

  5. NBC issues its Prakas on crypto-asset transactions

    Prakas B7-024-735 lets approved banks and licensed providers handle Group 1 assets and bars banks from unbacked crypto.

  6. Cambodia leaves the FATF grey list

    The FATF found Cambodia had completed its 2019 action plan.

  7. NBC launches Bakong

    The blockchain-based payment system links banks and e-wallets in riel and US dollars.

  8. FATF puts Cambodia on its grey list

    Cambodia agreed an action plan to fix strategic AML/CFT deficiencies.

  9. Regulators and police declare unlicensed crypto illegal

    A joint statement by the NBC, the securities regulator and the national police warned against coins such as KH Coin and OneCoin.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Cambodia crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/cambodia. Free to reuse with attribution; also as markdown and JSON.

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