Cambodia Prohibits Unlicensed Crypto Trade
June 20, 2018
Cambodia’s authorities have declared, from now on all local investors have to get licensed for crypto trading. Being engaged in these activities without license will be regarded as law violation.
The decision was taken by the country’s central bank, Securities and Exchange Commission and the General-Commissariat of National Police. Joint statement says, crypto trade volumes in the country have been analyzed so the research has shown such activities bear potential risks to citizens and society in general:
“Competent authorities clarify that the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities.”
The agencies believe, cryptocurrencies expose investors to risks caused by price volatility, cyber crimes and lack of user security. As an example the statement mentions crypto pyramids that managed to hijack investors’ funds like OneCoin.
Currently it is still unknown what requirements investors must comply with to be granted a license for crypto activity.