# Cambodia crypto regulation

From the Four Pillars Asia Digital Asset Policy Center. Cite as: Four Pillars Asia Digital Asset Policy Center, "Cambodia crypto regulation", reviewed 2026-10-05, https://policy.4pillars.io/cambodia. Free to reuse with attribution: cite "Four Pillars Asia Digital Asset Policy Center" and link to the page the fact comes from (each market has its own URL), and to the primary source where one is given. Terms: https://policy.4pillars.io/developers#attribution


Page: https://policy.4pillars.io/cambodia
Region: Southeast Asia. Last reviewed: 2026-10-05.

> 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.

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.

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.

### Snapshot

- Exchange licensing: Developing. SERC licenses digital asset providers under Prakas 093 (Dec 2025); a full virtual asset law is due end-2026
- Stablecoin regime: Developing. NBC lets approved banks deal in fully backed Group 1b stablecoins; no standalone issuer regime yet
- Tokenisation & RWA: Developing. Tokenised traditional assets (Group 1a) allowed for NBC-approved banks and licensed providers
- Retail access: Restricted. Crypto dealing without a licence has been illegal since 2018; few licensed onshore options exist
- Tax clarity: Developing. No crypto-specific tax rules; general tax law applies

### Quick answers

**Is crypto legal in Cambodia?**

Only in narrow cases. Crypto dealing without a licence has been illegal since 2018; few licensed onshore options exist. Four Pillars rates retail access in Cambodia as restricted (reviewed 5 Oct 2026).

**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.

### Key numbers

- KHR 40B Minimum capital (about US$10M) for a digital asset trading, lending or management licence (as of 2025-12-30)
- KHR 4B Minimum capital (about US$1M) for a digital wallet licence (as of 2025-12-30)
- 15% Business guarantee deposit as a share of minimum capital for SERC licensees (as of 2025-12-30)
- Dec 2026 Target for an enactment-ready virtual asset law

### 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.

### Regulators

- **NBC**, National Bank of Cambodia: Central bank; authorises commercial banks' crypto-asset activities under its 2024 Prakas, and runs Bakong. 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. 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. <https://www.nbc.gov.kh/english/>
- **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. 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. 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. <https://www.serc.gov.kh/english/>
- **NBFSA**, Non-Bank Financial Services Authority: Umbrella authority for non-bank financial regulators, including the SERC; issued Prakas No. 093. 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. 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. <https://fsa.gov.kh/>

### Licences

#### NBC approval or licence for crypto-asset activities (CASP)

- Regulator: NBC
- Legal basis: Prakas B7-024-735 on Transactions Related to Cryptoassets (2024)
- Covers: Crypto-asset services by commercial banks, which need prior NBC authorisation. The 2024 Prakas also provided NBC approval for payment institutions and NBC licences for other entities, but the September 2026 joint statement routes all non-bank providers to the SERC.
- Requirements: Commercial banks limited to Group 1 assets: tokenised traditional assets and fully backed stablecoins; No bank issuance of, or services linked to, Group 2 crypto such as bitcoin or algorithmic stablecoins; Prudential treatment of Group 1 exposures on a same activity, same risk, same regulation basis; Regular reporting to the NBC
- Page: https://policy.4pillars.io/cambodia/licences#lic-1

#### SERC Digital Asset Service Provider licence

- Regulator: SERC
- Legal basis: NBFSA Prakas No. 093 on the Issuance of Licence and Management of Digital Asset Business (2025); SERC-NBC Joint Statement (2026)
- Covers: Digital asset trading, wallet, borrowing and lending, and asset management services; since the September 2026 joint statement, all non-bank virtual asset providers need an SERC licence.
- Requirements: Minimum capital of KHR 40 billion (about US$10 million) for trading, lending or management, or KHR 4 billion for wallets; Business guarantee deposit equal to 15% of minimum capital; Successful testing of IT systems and products in the securities regulatory sandbox; Cambodian company with tax registration, defined management and compliance officers, and AML/CFT controls; Segregation of client assets; licence valid two years at first, then three on renewal
- Page: https://policy.4pillars.io/cambodia/licences#lic-2

#### SERC Digital Asset Agent licence

- Regulator: SERC
- Legal basis: NBFSA Prakas No. 093 (2025)
- Covers: Individuals acting for a licensed digital asset service provider.
- Requirements: Engagement by a licensed digital asset service provider; Licence from the SERC before acting; Renewal on the same cycle as provider licences
- Page: https://policy.4pillars.io/cambodia/licences#lic-3

### Timeline

- 2018-07-13: 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.
- 2019-02: FATF puts Cambodia on its grey list. Cambodia agreed an action plan to fix strategic AML/CFT deficiencies.
- 2020-10-28: NBC launches Bakong. The blockchain-based payment system links banks and e-wallets in riel and US dollars.
- 2023-02-24: Cambodia leaves the FATF grey list. The FATF found Cambodia had completed its 2019 action plan.
- 2024-12-26: 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.
- 2025-03: 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.
- 2025-12-30: Prakas No. 093 creates SERC digital asset licences. It sets licences for digital asset service providers and agents, valid for two years at first.
- 2026-09-16: 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.
- 2026-09-23: 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.

### Primary sources

- [Bakong: The Next-Generation Mobile Payments](https://bakong.nbc.gov.kh/en/). National Bank of Cambodia (NBC), 2026-09-25, in force. Official Bakong site with the member list, KHQR standard and integration documents for the national payment rail that crypto and stablecoin projects must work alongside.
- [SERC-NBC Joint Statement on Management of Virtual Assets and Virtual Asset Service Providers](https://www.serc.gov.kh/boards/index.php?bid=m77annountment&nav=read&no=936). Securities and Exchange Regulator of Cambodia (SERC) and National Bank of Cambodia (NBC), 2026-09-23, guidance. Splits licensing between the two regulators: NBC-licensed commercial banks need prior NBC authorisation for virtual asset services, and all other providers serving Cambodia need an SERC licence. Licensed providers become reporting entities of the Cambodia Financial Intelligence Unit.
- [Press Release: The Work Plan of Preparing and Drafting the Law on the Management of Virtual Assets/Digital Assets](https://www.serc.gov.kh/boards/index.php?bid=m77annountment&nav=read&no=931). Securities and Exchange Regulator of Cambodia (SERC), 2026-09-16, guidance. Sets the timetable for a FATF- and IOSCO-aligned virtual asset law: a framework law with its competent authority, AML/CFT and enforcement pillars by late September 2026, and enactment-ready legislation in December 2026.
- [H.E. Sou Socheat Holds Sideline Meeting with Legal and Regulatory Expert to Accelerate the Drafting of the Digital Asset Law](https://www.serc.gov.kh/boards/index.php?bid=m77annountment&nav=read&no=934). Securities and Exchange Regulator of Cambodia (SERC), 2026-09-14, guidance. Confirms the SERC is permanent vice-chair and secretariat of the inter-ministerial working group drafting the digital asset law, with a complete draft targeted for November 2026.
- [Prakas No. 093 on the Issuance of Licence and Management of Digital Asset Business](https://www.serc.gov.kh/boards/index.php?bid=m23Prakas_k&nav=read&no=100). Non-Bank Financial Services Authority (NBFSA), published by the SERC, 2025-12-30, in force. Creates SERC licences for digital asset service providers and agents covering trading, wallets, lending and asset management, with KHR 40 billion minimum capital for trading and sandbox testing before licensing. Khmer text only.
- [Prakas on Transactions Related to Cryptoassets (Prakas B7-024-735)](https://www.nbc.gov.kh/download_files/legislation/prakas_eng/20241226_PrakasonCryptoassetactivities-Eng.pdf). National Bank of Cambodia (NBC), 2024-12-26, in force. Splits crypto into Group 1 (tokenised traditional assets and fully backed stablecoins) and Group 2 (everything else, including bitcoin), lets banks and payment institutions act with NBC approval and others with an NBC licence, and bars banks from Group 2. The NBC site blocks some automated requests.
- [Jurisdictions under Increased Monitoring, 24 February 2023](https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Increased-monitoring-february-2023.html). Financial Action Task Force (FATF), 2023-02-24, guidance. Records Cambodia's removal from the grey list after completing the action plan agreed in February 2019.
- [Project Bakong: Next Generation Payment System (white paper)](https://bakong.nbc.gov.kh/download/NBC_BAKONG_White_Paper.pdf). National Bank of Cambodia (NBC), 2020-06, guidance. Explains the design of Bakong, the NBC's blockchain-based payment system for riel and dollar transfers between banks and wallets, and its possible implications for monetary policy.
- [Joint Statement between the National Bank of Cambodia, the Securities and Exchange Commission of Cambodia and the General-Commissariat of National Police](https://www.nbc.gov.kh/english/news_and_events/news_info.php?id=380). National Bank of Cambodia (NBC), 2018-07-13, guidance. Declares the circulation, buying, selling, trading and settlement of cryptocurrencies without a licence from the competent authorities illegal and subject to penalties.